Table of contentsIntroductionLiterature reviewMethodology Method used Type of fraud Age Location AboutContent analysisConclusionIntroductionThe evolution of technology has increased the dependence of humans on it in all spheres of life. Along with the opportunities, benefits and precision offered by these inventions, however, it increases the likelihood of being trapped in cybercrime. There is no doubt that cybercrime is common these days and financial sectors are mainly targeted by hackers or criminals. Most organizations rely on digital networks for their business operations, which increases the risk of falling victim to cybercrime. We can define cybercrime as an illegal activity on the Internet through which hackers invade users' financial or private accounts with bad intentions and without their permission. “Banks, in order to expand their customer base, introduced many platforms through which transactions could be carried out without much effort.” Computers and networks are used for cybercrimes that include credit card fraud, phishing, spam, blackmail, counterfeiting and many other frauds. Say no to plagiarism. Get a tailor-made essay on “Why Violent Video Games Should Not Be Banned”? Get an original essay In this research paper, I will explain why banks target criminals more than any other source? How can hackers invade user accounts? What credentials are needed to invade user accounts? What can they get from it? Why banks are ineffective in properly preventing these crimes. What types of strategies do they use to persuade users to provide all their financial information? How can they be arrested and the crimes eradicated? It has always been found that cybercrimes are directly proportional to the fewer security measures people take on their computers and the revelation of their passwords, PINs, card number, SIN and CVV number of their credit and cards flow rate. Criminals depend on these numbers to commit a crime. These numbers actually represent a customer's authorization to operate an account. Without these, it is difficult to penetrate security. The interest of this study is to raise awareness among online banking users and to make some recommendations to improve the security of their electronic systems. Through research we learn how it can be minimized or eradicated. We will know how far criminals can go to commit crimes. How criminals can approach or persuade you to access your confidential information. What are the harmful effects of cybercrime? What security measures should we adopt to prevent these crimes? The aim of this research paper is to make people understand the seriousness of these cybercrimes. Literature Review Cybercrime is an illegal activity carried out using computers and information technology without the permission of the user. The cybercrime literature seems to suggest that cybercrime is on the rise all over the world. In the banking sector, crimes committed using online technologies to illegally withdraw or transfer money to different accounts are termed as bank fraud. There are many categories of cybercrime, namely cyber deception, cyber pornography,cyber violence and cyber intrusion. Bank fraud is cyber deception. Without a doubt, not a day goes by without an organization suffering a security breach. It is difficult to assess the impact of cybercrime, and financial and intangible losses are recognized. According to PwC's Global Economic Crime Survey 2016, which found that cybercrime is the second most reported crime in the world and 54% of organizations are victims of cybercrime in the last two years. Some organizations are more on the list of hackers. Without a doubt, we all know it's banks because cybercriminals go where the money is. According to a UK financial website, cybercriminals hack Tesco bank's system and steal 2, £5 million into the current accounts of 9,000 customers. Financial Fraud Action UK reported that losses from online fraud reached £40 million and increased by up to 12% compared to 2011. There are a number of ways criminals can commit this cyber offense, explained below . Cybercrimes can be committed in two ways. . The first is direct and another is indirect. Direct fraud includes credit and debit card fraud, money laundering and internet banking fraud. Indirect fraud includes phishing, pharming, hacking, viruses, spam and malware. Scams related to lotteries, romance, charity, pyramid schemes, and advance fee frauds are also frequently used. According to York (2010), Sanford residents received phone calls purporting to be from the Sanford Institute of Savings (SIS), informing them that their accounts had been frozen or inactive and that they needed to provide full account details in order to maintain their account. accounts. In fact, these were cybercriminals looking for people to disclose their financial information. These frauds occur due to lack of awareness and knowledge on the part of people. Sometimes hackers call you, ask for your PIN, security code and pretend that they are calling the bank security team. So, if the person lacks knowledge, then he can be trapped in his scam because the bank never asks for the customer's confidential information. The UK Financial Fraud Action claims that Britons lost an estimated £35.9 million to internet and telephone banking fraud in the six months of 2014 (Arnold, 2014 ). On August 15, 2012, at Saudi Aramco, computer networks were hit by self-replications. virus that infected 30,000 Windows machines. It takes two weeks to repair the damage and affect the Saudi national oil and gas company. This virus attacked the company's business processes and some drilling and production data was lost (Bronk & Tikk-Ringas, 2013). Banks say they are continually making efforts to combat cybercrime. The Bank of England and the US Federal Reserve have pushed banks to identify threats through different programs. This bank plans to spend $250 million on cybersecurity and train 1,000 specialists to work in this area (Arnold, 2014). In Nigeria, banks have cybersecurity audit committees. The main problem of audit committee is technological concern (Ojeka, Ben-Caleb and Ekpe 2017). It is the duty of the audit committee to work with management to increase threat awareness efforts,..