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Abstract
This study examines the effectiveness of cybersecurity strategies in mitigating financial fraud within Nigerian commercial banks. Against the backdrop of increased digital banking adoption and rising cyber threats, the research explores how institutional frameworks, authentication systems, and customer awareness programs contribute to fraud prevention efforts. Adopting a cross-sectional survey design, primary data was collected randomly from 169 respondents with structured online questionnaires via WhatsApp groups and other social media platforms. The Binary Logistic Regression (BLR) and the Hosmer and Lemeshow Test were utilized to evaluate predictive relationships between variables. Findings reveal that the perceived effectiveness of bank-led cybersecurity frameworks significantly reduces the likelihood of fraud victimization. However, biometric and multi-factor authentication systems, as well as participation in cybersecurity awareness programs, did not demonstrate statistically significant impacts, suggesting that deployment alone is insufficient without active user engagement. The study buttresses the need for integrated, user-centred, and innovative technology-driven cybersecurity approaches in Nigeria’s banking sector. Keywords: Cybersecurity, Financial Fraud, Biometric Verification, Multi-factor Authentication, Cybersecurity Awareness.