Financial fraud poses a major threat to banking and financial organizations, leading to financial losses and erosion of public trust. This paper proposes an early financial fraud detection and prevention method to secure financial data in transit, at rest, and in process to mitigate risks of frauds such as unauthorized transactions, identity thefts, data breaches, and cyberattacks. The method involves assessing the current cybersecurity posture through surveys, defining optimal security controls baseline per regulatory guidelines, performing gap analysis to identify vulnerabilities, and suggesting remedial measures. Effective implementation of such a system is envisaged to significantly reduce incidents of financial frauds and resulting revenue losses, enhancing cyber resilience of financial institutions.