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

🤖 Plain-English Summary

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.

🔑 Key Findings

• 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.

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