IMPACT OF CYBER SECURITY AND FORENSIC ACCOUNTING TECHNIQUES ON FRAUD DETECTION IN NIGERIA

Abstract

Fraud remains a pervasive issue in Nigeria, with significant economic and social consequences. This study explores the impact of cyber security and forensic accounting techniques on fraud detection in Nigeria, with respect to the banking sector. It made use of qualitative approach in which the sample size was cut across professionals in Nigerian organizations involved in finance, banking, and auditing. The study employed a purposive sampling technique due to the size of the population. Thematic study highlights three key themes: (1) the importance of integrating cyber security with forensic accounting techniques, (2) the effectiveness of Cyber security in curbing fraud, and (3) the challenges of implementing fraud detection strategies in Nigeria's digital landscape. The results show that the integration of cyber security measures such as intrusion detection systems and encryptions, with forensic accounting techniques such as data analysis and financial statement analysis, significantly enhances fraud detection capabilities. The study findings highlight the importance of a multi-faceted approach to fraud detection in Nigeria. The findings suggests that while the current level of cyber security and forensic accounting techniques is effective, investment should encompass research and development in order to attain the best technological advancements and practices in fraud detection and prevention.