Corporate Fraud is one of the major issues challenging Insured Deposit Money Banks (DMBs) as a result; this study examines the effect of board characteristics on corporate fraud of insured deposit money banks in Nigeria. The population of the study comprises of all fifteen (15) Deposit Money Bank insured by Nigeria Deposit Insurance Commission. Five Deposits Money Banks were used for this study and their annual reports with that of Nigeria Deposit Insurance Commission for 12 years from 2009 to 2020 were utilized. The data were analyzed using Cross Sectional Time Series Generalized Least Squares regression for analysis it reveals that board gender diversity and firm age has positive effect on corporate fraud while board size and board meeting do not have significant effect on corporate fraud. The number of women in a board of any bank should be reduced to one, corporate organizations should include fraud experts in their board and Fraud Act  should  be establish which will go a long away minimizing corporate fraud