Crime in the banking sector is a serious problem that the entire World is currently grabbing with. It has led to the meltdown of the economy of most countries in the World today. There is no other crime in the banks today than fraud and fraudulent practices. This piece of work provides information on the causes, effects and prevention of crime in the banking sector. It also, discusses different ways by which information and communication technology are employed to defraud banks. This study was carried out in Nigeria ever before the global economy meltdown but its relevance is as brighter as Northern star. This monography is a most read to bankers, economists, accountants, criminologists,computer programmers, public administrators and international economy players.