This paper examines the criminal victimization patterns adopted by internet fraudsters in Nigeria and their implications for the victims. The paper relied on secondary sources of data such as journal articles, organizational and institutional publications, newspaper reports, and textbooks, among others. The rational choice theory was used to analyze the phenomenon examined. The patterns of victimization used by internet fraudsters include hacking, smartphone-based fraud, the use of malicious software or malware, cyber identity theft/phishing, website jacking/cloning, and software piracy. The paper concludes that internet fraudsters are clever, rational criminals that persist in using devious victimization patterns that allow them to outwit their targeted victims and reduce the likelihood of being apprehended and prosecuted, while subjecting the victims to dire implications. Among other things, the paper recommends that regular enlightenment programmes should be used to educate the general public on the schemes adopted by internet criminals to defraud them. Security agencies should train more experts in the detection of cybercrime and provide them with the required technological tools to work with.