INTEGRATION OF FORENSIC ACCOUNTING AND MANAGEMENT CONTROL SYSTEM AS A TOOL FOR COMBATING CYBER FRAUD IN DEPOSIT MONEY BANKS IN NIGERIA

Abstract

Owing to the proliferation of cyber fraud and financial misappropriations in the Nigerian banking sector, this study investigated the integration of forensic accounting and management control system as a tool for combating cyber fraud in deposit money banks in Nigeria.  Four (4) specific objectives were raised alongside four research questions and hypotheses. A Survey research design method was employed for the study with extensive reliance on primary data obtained through the use of structured Likert scale questionnaire.  Data was collected through random distribution of questionnaire to 371 respondents. The data were analyzed using descriptive statistics and regression analysis on Statistical Package for Social Sciences (SPSS version 25). The research findings shows that integration of forensic accounting and management control system plays a significant role in combating cyber fraud , forensic accounting and management control system as a tool in combating cyber fraud in Nigeria deposit money banks has significant impact in preventing cyber fraud , there is a need of integration of forensic accounting and management system in combating cyber fraud in Deposit Money Banks in Nigeria, and the application of integration of forensic accounting and management control system as a tool in combating cyber fraud does not significant control cyber frauds in deposit money banks in Nigeria. Pertaining to the research findings the study recommended that; establishment of comprehensive fraud mitigating measures against external frauds at the cashier’s departments, more enforcement of compliance of fraud mitigation method, employment of forensic auditing in Nigerian banks by amending the existing statutes, in such a way that forensic auditors are included in the audit team, the need to accord forensic accounting statutory role and distinct professional recognition by the government and professional bodies in Nigeria and Deposit Money Banks in Nigeria should enhance the communication mediums on the various applications made available for their customers usage to serve as proactive measure in cyber fraud detection. 

Keywords: , ,