STRENGTHENING FINANCIAL INTEGRITY: THE ROLE OF CYBERSECURITY IN MITIGATING FINANCIAL FRAUD IN NIGERIA'S BANKING SECTOR
DOI:
https://doi.org/10.33003/fjs-2026-1002-4491Keywords:
Cybersecurity, Cyber threat, Financial Fraud, Nigerian Banks, Digital BankingAbstract
In the era of digital transformation, cybersecurity has become crucial to the banking industry, particularly in safeguarding financial institutions against the escalating threats of fraud and cybercrime. This study examines the role of cybersecurity in mitigating financial fraud in Nigeria’s banking sector, with a specific focus on three major commercial banks: UBA, GT Bank, and Access Bank. Employing a descriptive research design, data were collected from 109 staff members across different departments through structured questionnaires. The collected data were analyzed using SPSS for quantitative analysis and NVivo for thematic content analysis. Findings from the study reveal that Nigerian banks have taken significant steps to enhance cybersecurity. Key practices identified include the implementation of multi-factor authentication, routine system, software updates, continuous staff training, and the use of firewalls and encryption technologies. These measures have proven effective in reducing internal threats and unauthorized system access. However, the study also highlights persistent challenges. Low customer cybersecurity awareness contributes significantly to phishing and social engineering attacks. Inadequate real-time monitoring systems hinder rapid threat detection and response. The study concludes that while progress has been made, a more integrated and proactive approach is required to further secure Nigeria’s financial ecosystem.
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Copyright (c) 2026 Folasade Mercy Okikiola, Taiwo Shukurat Arogundade, Isaac Onadokun, Olasunkanmi Esther Oladiboye, Sodiq Kazeem Adetunji
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