Joint Admissions and Matriculation Board said that the hackers have gained access into its intranet site and diverted over 10 million naira.
The boards registrar, Ishaq Oloyede, said the access has also altered the profiles of its ad hoc staff.
Oloyede said that the money diverted was initially set aside as allowance for its ad hoc staff.
He stated that one Sahabi Zubairu from Takum in Taraba state, North East Nigeria, and several others have been arrested in connection to the fraud after a careful investigation.
The JAMB Boss however, blamed the accounting department for its failure to detect the fraud by not ensuring the names on the accounts tallied with those listed on the website or owners of the codes.
Oloyede who noted that the ad hoc staff of the board have since been paid, assured that the stolen money will be recovered and the perpetrators handed over to the Economic and Financial Crimes Commission.
Explaining how the fraudsters gained access to the profiles, he said they used Key Logger, a software that allows access to the profile of anyone who has logged in using a public cybercafé even after the person has logged out and gone.