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. The paper highlights the significance of a proactive and adaptive cybersecurity posture, continuous monitoring, and collaboration with regulatory bodies to enhance the resilience of the banking sector against cyber threats.

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• 1 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.
• 2 There has been an increased rate of loss recorded annually in the banking sector due to fraud.
• 3 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.

This work deepens our understanding of the fundamental laws governing the universe, from subatomic particles to cosmic structures.

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