The growing upsurge of fraud and forgery circumstances in the banking sector in modern times incited this study. This problem is considered important given the role of banking sector in the economic growth and development. This paper reviewed the current scenario on financial fraud detection and prevention in Nigerian deposit money banks. The main aim is to examine the connections between acts of violence, responses, and the roles of deposit money management in Nigerian banks. The study made use of previous works that were drawn from recent journal articles on related concepts such as textbooks, and earlier academic investigations relevant to the topic. Literatures pertaining to the specific topics were reviewed using the content analysis technique. The study's conclusion is that crime has a detrimental impact on DMBs in Nigeria and that it is important to handle fees, checks, account openings, and securities carefully to prevent fraud against financial institutions, especially DMBs in Nigeria. The conclusion will be supported by a review of relevant literature and empirical review. However, it was concluded that control measures have considerably boosted the deposit money institutions' financial performance in Nigeria. The inclusion of fraud control measures has never been deceptive in Nigeria. It is suggested that there should be a strong connection between all stakeholders in fraud management and Deposit Money Banks in relations to fraud detection and control. Direction for future research was also covered.