_____________________________________________________________________________________________________ ++ Professor; *Corresponding author: Email: remadeyemo2003@yahoo.com; S. Asian J. Soc. Stud. Econ., vol. 21, no. 3, pp. 133-150, 2024 South Asian Journal of Social Studies and Economics Volume 21, Issue 3, Page 133-150, 2024; Article no.SAJSSE.113116 ISSN: 2581-821X A Survey on the Role of Technological Innovation in Nigerian Deposit Money Bank Fraud Prevention Kabiru Adeyemo a++* and Fatoki Jacob Obafemi a a Department of Management and Accounting, Faculty of Management and Social Sciences, Lead City University, Ibadan, Nigeria. Authors’ contributions This work was carried out in collaboration between both authors. Both authors read and approved the final manuscript. Article Information DOI: 10.9734/SAJSSE/2024/v21i3790 Open Peer Review History: This journal follows the Advanced Open Peer Review policy. Identity of the Reviewers, Editor(s) and additional Reviewers, peer review comments, different versions of the manuscript, comments of the editors, etc are available here: https://www.sdiarticle5.com/review-history/113116 Received: 01/12/2023 Accepted: 06/02/2024 Published: 12/02/2024 ABSTRACT Technological innovation plays a pivotal role in transforming the landscape of fraud prevention within Nigeria Deposit Money Banks (DMBs). This research explores the multifaceted impact of advanced technologies on fortifying the defenses of DMBs against fraudulent activities. Leveraging a comprehensive analysis of survey results and empirical data, the study delves into the perceptions and attitudes of stakeholders towards the integration of innovative solutions, including advanced data analytics, machine learning algorithms, real-time monitoring systems, and block chain technology. The findings reveal a widespread consensus among participants regarding the positive impact of these technologies on early fraud detection, prevention, and overall security. Notably, 86% of respondents acknowledge the positive impact of advanced data analytics and machine learning algorithms, emphasizing their potential benefits in thwarting fraudulent activities. Real-time monitoring systems, artificial intelligence, robust encryption, and cyber security protocols were also recognized by a majority of participants, affirming their crucial roles in bolstering fraud prevention measures within DMBs. The study employs a chi-square test to establish significant Original Research Article