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EVALUATION OF FORENSIC ACCOUNTING TECHNIQUES IN FRAUD PREVENTION/DETECTION IN THE BANKING SECTOR IN NIGERIA
Abstract
The study evaluated the application of forensic accounting techniques in preventing/detecting fraudulent practices in commercial banks in Nigeria by specifically assessing the impact of commercial data mining, ratio analysis and trend analysis techniques in fraud detection/prevention. With the aid of descriptive statistics and Ordinary Least Square (OLS) model, the result revealed the application of forensic accounting techniques significantly enhanced detection/ prevention of fraud in the banking system. The study further revealed the importance of ratio analysis as well as trend analysis techniques in fraud detection/prevention. Also the study revealed the importance of commercial data mining software in fraud detection/prevention and the lack of capacity and awareness of most staff of the workings of data mining technology as well as the use of trend analysis technique in detecting/preventing fraud in the banks. It was recommended that commercial banks should mandatorily be required to acquire robust data mining software facilities as well as enhanced training on the application of data mining and its usefulness in the banking sector. Also, use of anonymous response hotlines be encouraged as well as extensive awareness put in place for the attention of the public as well as quick responses from the banks to queries.
Keywords Forensic accounting, Fraud, Commercial banks, Data mining