THE IMPACT OF FORENSIC ACCOUNTING IN INSURANCE FRAUD INVESTIGATIONS
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- NGN 3000
Abstract: THE IMPACT OF FORENSIC ACCOUNTING IN INSURANCE FRAUD INVESTIGATIONS
This study explores the impact of forensic accounting in insurance fraud investigations, focusing on its effectiveness in detecting and preventing fraudulent claims. The objectives are to assess the methodologies used by forensic accountants in insurance fraud detection, to evaluate the effectiveness of these methods, and to identify the challenges encountered in the process. A survey research design was employed, gathering data from 320 forensic accountants and insurance professionals in Lagos. The sample size was calculated using Taro Yamane's formula, ensuring a representative sample. The reliability coefficient score of the survey was 0.87. Findings reveal that forensic accounting significantly improves the detection and prevention of insurance fraud by employing advanced analytical techniques and thorough investigations. However, challenges such as limited access to comprehensive data and the complexity of fraudulent schemes hinder optimal performance. Recommendations include enhancing data-sharing mechanisms between insurance companies and forensic accountants and investing in advanced forensic tools and training to improve fraud detection capabilities.
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