Effect of Digital Forensic Accounting Technological Tools on Cyber Financial Fraud Detection Among Quoted Deposit Money Banks in Nigeria

Abstract

Failure of statutory Auditors to meet the reasonable expectation of users of accounting information for decision-making in the banking industry despite the clean report issued; hence it has fueled the need for the use of digital forensic accounting technological tools to narrow down financial fraud cases in Nigeria's banking sector. The purpose of the study was to examine the effect of digital forensic accounting technological tools on fraud detection among quoted deposit money banks in Nigeria. The study population comprised 318 quality control officers of 8 quoted deposit money banks in Nigeria and a sample of 216 was used. Questionnaires were used to collect the data. The data were analyzed using SPSS 23. The reliability of the data gathered from the field was measured using Cronbach's Alpha to give an unbiased estimate of the data's generalizability. Descriptive statistics mainly percentages and frequency distribution were used for data presentation. Inferential statistics used were correlation and multiple regression analysis to test the relationship between the variables, and t-test and F-test for that purpose. The findings show that Advanced Analytics and AI has a significant effect on financial fraud detection among quoted deposit money banks in Nigeria, Communication Monitoring Software has a significant effect on financial fraud detection among quoted deposit money banks in Nigeria, Geospatial Analysis Tools have a significant effect on financial fraud detection among quoted deposit money banks in Nigeria and Encryption and Data Security Tools has a significant effect on financial fraud detection among quoted deposit money banks in Nigeria. Based on the findings the study recommends among others that Cybercrime is a really bad thing that bank need to stop or make it happen a lot less in Nigeria. Using Encryption and Data Security Tools measures can help stop the bad guys from stealing from people's bank accounts. The study showed that using Encryption and Data Security Tools can really help prevent financial fraud in Nigeria banks.