Effect of Forensic Accounting on Fraud Detection and Prevention in Nigeria Deposit Money Bank: A Case Study of First Bank Plc

Financial Fraud in Nigeria's banking sector has escalated dramatically, exhibiting a worrying increase over the past decade and posing significant financial and reputational risks to the banks. Early detection and prevention of fraud is essential for banks to protect their financial integrity, customer relationships, and competitive advantage in an increasingly complex and vulnerable financial landscape. Therefore, this study examined the effect of forensic accounting on the detection and prevention of fraud in Nigerian deposit money banks. Survey methodology was employed with the use of a self-prepared questionnaire. Two Hundred copies of the questionnaire were distributed to the selected (200) staff of First Bank Nigeria Plc. The questionnaire gathered data about the forensic accounting role, forensic accounting application/adoption, forensic accounting litigation, forensic accounting investigation, and forensic accountants’ investigation skills. The data obtained from the questionnaires were analyzed using Statistical Package for Social Science (SPSS) version 23. Data were analyzed based on descriptive statistics and inferential statistics. While descriptive statistics embedded frequency distribution of data which includes frequency rate, mean, standard deviation, and response percentage, inferential statistics represents the regression analysis result of the study. Results revealed that forensic accounting plays a significant role in fraud detection and prevention in First Bank Nigeria Plc. Findings also showed that forensic accounting is effective and efficient in fraud detection and prevention in First Bank Nigeria Plc in terms of forensic accounting application/adoption, forensic accounting litigation, forensic accounting investigation, and forensic accountants’ skills.