The experts also disclosed that N2.1 billion was lost to cyber fraud in 2016 and N1.69 billion last year.
They spoke at the unveiling of an application, Online Wisdom invented by Good Life (GL) Technologies Limited.
The application, among other things, will protect pupils and children from cyber criminals and other vices online.
According to the firm’s Managing Director, Martin Obiora, who expressed worry over low lever awareness on the cyber-crime in the finance sector, said money and other important information were being lost to hackers daily.
He described the low awareness as a bad omen, noting that the company had designed several packages to address specific online security issues.
For children’s and pupil’s safety, Obiora said the company has a tab that will allow parents and guardians to regulate their wards’ activities.
He said they also go to schools to teach children on cyber ethics and how to stay secure on the Internet.
One of the experts, Samuel Okenye, commended the promoters of the application, noting that it would also assist financial institutes and other Internet users to prevent activities of hackers.
Okenye, who said there were about 19,563 volumes of reported fraud cases in 2016, added that the cases amounted to N4.368 billion attempts and N2.1 billion actual losses.
He said: “Last year, we also noted fraud attempts of N4billion and actual loss was about N1.69 billion. There is a need for us to deal with the challenges associated with cyber security. It is a big issue.”