Cyberfraud in the Nigerian Banking Sector: The Techniques and Preventive Measures

The cyberfraud techniques emerged as a significant threat to the banking sector in Nigeria. Bank customers have been losing their hard-earned funds to these measures due to a lack of sufficient awareness of the cyberfraud tactics and preventive measures. There has been an increased rate of loss recorded annually in the banking sector due to fraud. The banking sector in Nigeria recorded a loss to a tune amount of ₦17.6bn in 2023 amount higher than the budget allocation for education in most states of the country. Social engineering remains the persistent and predominant technique fraudsters employ to defraud bank customers in Nigeria. Phishing, identity theft, login credential theft, ATM card swap, and skimming…