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Abstract – A study of the Nigerian internet banking system was conducted. The study analyzed the levels of internet banking with an in-depth analysis of their security needs and associated issues. A particular reference was made on the attacks and vulnerabilities in the current systems. Next, is an analysis of the current defense mechanisms and how successful they have been in counteracting the occurrence and effects of Internet banking attacks in Nigeria. We established from the study and research, that the current defense mechanisms have not been very effective, as they still have vulnerabilities which have been exploited by attackers severally