In many quarters, it is still pondered, why do companies with even a well structured and implemented Whistle Blowing System (WB-S) still witness and record cases of fraud. Firstly, this explains why this study is aimed at examining if Whistle Blowing System (WB-S) significantly impact on fraud prevention and detection. Secondly, virtually all prior researches on this subject have indeed and correctly reported on how our legal provisions, frameworks, and society have given insufficient and inadequate protection to whistle blowers against reprisals and victimization, but rarely have anyone came up with a concrete conceptual model for an effective and better protection of whistle blowers. That creates a gap in literature, which this study aimed to fill. In carrying out this study, survey research was employed, with respondents coming from the 20 incorporated companies in Nigeria, classified into two equal groupscompanies with a formal and well-structured WB-S (With WB-S); and those without a formal and well-structured WB-S (Without WB-S). Two hypotheses were formulated, with the first and second tested with SPSS (ver. 25)"s descriptive statistics of ANOVA and Person Chi Square, respectively. The study found that a significant relationship between implementation of WB-S and fraud prevention and detection in incorporated companies exist. Thus, the study then contributed to the body of existing knowledge by proposing a conceptual model, which juxtaposes the development of a single and comprehensive WB legal framework (legislation) with the creation of a global Whistle Blowers Protection Council (WBPC), for the effective and better protection of whistle blowers.