IndexIntroductionLiterature reviewMethodology Method used Type of fraud Age Location InformationContent analysisConclusionIntroductionThe evolution of technology has increased the dependence of human beings on it in all spheres of life . In addition to the opportunities, benefits and precision provided by these inventions, however, the likelihood of getting caught up in cybercrimes increased. Undoubtedly, cyber crimes are frequent nowadays and financial sectors are more targeted by hackers or criminals. Most organizations rely on digital networks for their business operations, which increases the risk of becoming a victim of cybercrime. We can define cybercrime as the illegal activity on the Internet through which hackers invade users' financial or private accounts without their authorization with wrong intentions. “Banks, in order to broaden their customer base, introduced many platforms through which transactions could be carried out without much effort.” Computers and the network are used for cyber crimes which 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 Shouldn't Be Banned"? Get Original Essay In this research paper, I will discuss 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 this? Because banks are inefficient in adequately preventing these crimes. What types of strategies do they use to get users to give up all their financial information? How to stop them and eradicate crimes? It has always been seen that cyber crimes are directly proportional to less security measures taken by people on their computers and disclosure of passwords, PIN, card number, SIN number and CVV of their credit and debit cards. Criminals depend on these numbers to commit a crime. These numbers actually represent the customer's authorization to manage an account. Without these it is difficult to penetrate security. The importance of this study is to raise awareness among online banking users and provide them with some recommendations to improve the security of their electronic systems. Through research, we learn how it can be minimized or eradicated. We will come to know to what level criminals can go to commit crimes. How criminals can approach or convince you to access your confidential information. What are the negative effects of cybercrimes? What are the security measures we need to take to prevent these crimes? The purpose of this research paper is to make people understand the seriousness of these cyber crimes. Literature Review Cybercrime is an illegal activity that is carried out through computers and information technologies without the user's permission. The cybercrime literature seems to suggest that cybercrime is growing around the world. In the banking sector, crimes committed using online technologies to illegally withdraw or transfer money to different accounts are labeled as bank fraud. There are many categories of cyber crimes, such as cyber deception, cyber pornography, cyber violence, and trespassing. Bank fraud falls under the umbrella of computer deception. Undoubtedly, not a day goes bywithout an organization experiencing security breaches. It is difficult to assess the impact of cybercrimes and both financial and intangible losses are recognised. According to PwC's Global Economic Crime Survey 2016, it was found that cybercrime is the second most reported crime globally and that 54% of organizations are victims of cybercrime in recent years. two years. There are some organizations that are higher on the list of hackers. Without a doubt, we all know that these are banks, because cybercriminals go where the money goes. According to a UK financial site, cybercriminals hacked into Tesco Bank's system and stole £2.5 million from current account of 9,000 customers. Financial Fraud Action UK reported that losses related to online fraud have reached £40 million and have increased by up to 12% since 2011. There are several ways in which criminals can commit this cybercrime, explained below. Cybercrimes can be committed in two ways. The first is direct and the other 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. Lottery scams, romance scams, charity scams, pyramid schemes, and advance fee scams are also often used. According to York (2010), Sanford residents received phone calls claiming to have been called by 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 to maintain their their accounts. accounts. In reality they were cybercriminals looking for people to provide their financial details. These frauds happen due to lack of awareness and knowledge among people. Sometimes hackers call you, ask for your PIN, security code and claim that they are calling from the bank security team. Therefore, if the person has a lack of knowledge, he can get trapped in his scam because the bank never asks for the customer's confidential information. The UK Financial Fraud Action says that the UK loses to internet and telephone banking fraud approximately £35.9 million in the six months of the year 2014 (Arnold, 2014). On August 15, 2012, Saudi Aramco computer networks were hit by a self-replicating virus that infected 30,000 window-based machines. It takes two weeks to recover the damage that hit Saudi Arabia's 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 continuous efforts are being made to combat cybercrime. The Bank of England and the US Federal Reserve have pushed banks to identify threats with various 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 oversight committees. The main issue for the audit committee is the technological concern (Ojeka, Ben-Caleb, and Ekpe 2017). It is the audit committee's duty to work with management to increase efforts around threat awareness, timely discovery of incidents, risk assessments, and coordination with regulators on how cybersecurity risks are identified and managed (Ojeka et al., 2017). It is also the responsibility of the audit committee to monitor the accountability of.