Cyberfraud in the Nigerian banking sector has become a significant threat, with customers losing substantial funds due to a lack of awareness about the tactics and preventive measures. Social engineering, phishing, identity theft, and ATM card skimming are common techniques used by cybercriminals. The Nigerian banking sector recorded a loss of N17.6 billion in 2023, highlighting the severity of the issue. The research aims to analyze these techniques and propose preventive measures such as advanced cybersecurity technologies, multi-factor authentication, employee training, and regulatory controls. The study emphasizes the importance 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. Cyberfraud not only affects customers but also impacts the banks, economy, and Nigeria's reputation. The research recommends collective efforts from the government, banks, and customers to mitigate cyberfraud. Preventive measures include increasing youth employment, strengthening cybercrime penalties, educating customers, and enabling multi-factor authentication. The study concludes that combating cyberfraud requires a coordinated approach to ensure the integrity of the banking sector and protect customers' funds.Cyberfraud in the Nigerian banking sector has become a significant threat, with customers losing substantial funds due to a lack of awareness about the tactics and preventive measures. Social engineering, phishing, identity theft, and ATM card skimming are common techniques used by cybercriminals. The Nigerian banking sector recorded a loss of N17.6 billion in 2023, highlighting the severity of the issue. The research aims to analyze these techniques and propose preventive measures such as advanced cybersecurity technologies, multi-factor authentication, employee training, and regulatory controls. The study emphasizes the importance 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. Cyberfraud not only affects customers but also impacts the banks, economy, and Nigeria's reputation. The research recommends collective efforts from the government, banks, and customers to mitigate cyberfraud. Preventive measures include increasing youth employment, strengthening cybercrime penalties, educating customers, and enabling multi-factor authentication. The study concludes that combating cyberfraud requires a coordinated approach to ensure the integrity of the banking sector and protect customers' funds.