The paper "Cyberfraud in the Nigerian Banking Sector: The Techniques and Preventive Measures" by Ahmad Mustapha and Dr. Anupa Sinha examines the significant threat of cyberfraud to the Nigerian banking sector. The study highlights that bank customers have been losing substantial amounts of money due to a lack of awareness about cyberfraud tactics and preventive measures. In 2023, the banking sector recorded a loss of ₦17.6 billion, which is higher than the budget allocation for education in many states of Nigeria. Social engineering remains the primary technique used by fraudsters, along with phishing, identity theft, login credential theft, ATM card swap, and skimming. The research aims to analyze the modus operandi of these techniques and explore strategic preventive measures, including advanced cybersecurity technologies, multi-factor authentication systems, employee training, and regulatory controls. The paper 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. The introduction provides context on the significance of the banking industry in Nigeria, noting that it manages over 151 million customers, representing about 65% of the country's population. The paper also discusses the impact of fraud on the banking sector, economy, and national reputation, and defines fraud and cyberfraud. The literature review covers the evolution of cyberattacks, the role of technology and the Internet of Things (IoT) in making bank customers more vulnerable, and the prevalence of cyberfraud in Nigeria. It highlights that Nigeria is one of the leading countries in the world regarding cyberfraud, with a high rate of unsecured bank payment transactions. The paper details various cyberfraud techniques, including social engineering, baiting, phone calls, phishing, business email compromise (BEC), ATM card swap, and skimming. It provides examples of phishing messages and BEC emails, emphasizing the psychological and emotional impacts on victims. The impacts of cyberfraud on the banking sector are discussed, including financial losses, emotional and psychological stress, and reputational damage. The research design and methodology are outlined, focusing on recent data and secondary sources. The recommendations section suggests measures for the government, banks, and customers to combat cyberfraud, such as increasing youth employment, strengthening cybercrime penalties, educating customers, and using advanced security tools. The conclusion emphasizes the need for a collective effort to mitigate cyberfraud and maintain the integrity of the banking sector.The paper "Cyberfraud in the Nigerian Banking Sector: The Techniques and Preventive Measures" by Ahmad Mustapha and Dr. Anupa Sinha examines the significant threat of cyberfraud to the Nigerian banking sector. The study highlights that bank customers have been losing substantial amounts of money due to a lack of awareness about cyberfraud tactics and preventive measures. In 2023, the banking sector recorded a loss of ₦17.6 billion, which is higher than the budget allocation for education in many states of Nigeria. Social engineering remains the primary technique used by fraudsters, along with phishing, identity theft, login credential theft, ATM card swap, and skimming. The research aims to analyze the modus operandi of these techniques and explore strategic preventive measures, including advanced cybersecurity technologies, multi-factor authentication systems, employee training, and regulatory controls. The paper 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. The introduction provides context on the significance of the banking industry in Nigeria, noting that it manages over 151 million customers, representing about 65% of the country's population. The paper also discusses the impact of fraud on the banking sector, economy, and national reputation, and defines fraud and cyberfraud. The literature review covers the evolution of cyberattacks, the role of technology and the Internet of Things (IoT) in making bank customers more vulnerable, and the prevalence of cyberfraud in Nigeria. It highlights that Nigeria is one of the leading countries in the world regarding cyberfraud, with a high rate of unsecured bank payment transactions. The paper details various cyberfraud techniques, including social engineering, baiting, phone calls, phishing, business email compromise (BEC), ATM card swap, and skimming. It provides examples of phishing messages and BEC emails, emphasizing the psychological and emotional impacts on victims. The impacts of cyberfraud on the banking sector are discussed, including financial losses, emotional and psychological stress, and reputational damage. The research design and methodology are outlined, focusing on recent data and secondary sources. The recommendations section suggests measures for the government, banks, and customers to combat cyberfraud, such as increasing youth employment, strengthening cybercrime penalties, educating customers, and using advanced security tools. The conclusion emphasizes the need for a collective effort to mitigate cyberfraud and maintain the integrity of the banking sector.