Forensic Accounting Practices and Cybercrime Control in Nigerian Deposit Money Banks

Abstract

This study examines the effect of forensic accounting practices and regulatory compliance investigations on cybercrime control in selected Nigerian deposit money banks. A survey research design was adopted, and primary data were collected from 142 top management staff across 13 listed banks in Lagos State, Nigeria. Structured questionnaires were used for data collection, while data were analyzed using descriptive statistics and ordinary least squares (OLS) regression analysis. The findings reveal that forensic accounting software (β = 0.295, p = 0.012) and data mining tools (β = 0.323, p = 0.001) have significant positive effects on cybercrime control. Evidence from Central Bank of Nigeria (CBN), Economic and Financial Crimes Commission (EFCC), and Nigeria Deposit Insurance Corporation (NDIC) reports confirms persistent cybercrime incidents despite regulatory frameworks, supporting the empirical findings. The study concludes that forensic accounting technologies play a more significant role in cybercrime control than traditional audit and compliance mechanisms in Nigerian deposit money banks. It recommends increased investment in forensic technologies, enhanced regulatory enforcement, and stronger integration of compliance systems with digital fraud detection tools.