Social Engineering Attacks Targeting Nigerian Bank Customers: Patterns, Vulnerabilities, and Mitigation Strategies

Social engineering attacks represent the most prevalent vector for financial fraud against Nigerian bank customers, exploiting psychological manipulation rather than technical system vulnerabilities. This study analyses the patterns, vulnerabilities, and mitigation strategies associated with social engineering attacks targeting bank customers in Nigeria, drawing on a dataset of 680 reported fraud cases from four commercial banks and a survey of 350 fraud victims in Lagos and Abuja. Case analysis categorised attack types by method (voice phishing, SMS phishing, fake bank website impersonation, WhatsApp impersonation), average financial loss, victim demographics, and psychological manipulation techniques employed. Victim survey findings reveal that urgency framing and authority impersonation are present in 84 percent of successful attacks, while transactions occurring during periods of financial stress show elevated susceptibility. Logistic regression analysis identifies age, educational level, and prior fraud awareness training as significant predictors of victimisation probability, with older adults and those with lower education levels at substantially higher risk. The study compares current mitigation practices by Nigerian banks against international best practice frameworks and identifies significant gaps in customer-facing communication about evolving attack methods. Recommendations include real-time transaction anomaly alerts, mandatory customer fraud awareness notifications, and bank-funded digital literacy programmes for vulnerable populations. Keywords: social engineering, bank fraud, phishing, cybersecurity awareness, Nigeria.