Trend Micro MDR analyzed Banana RAT, a sophisticated banking trojan operated by SHADOW-WATER-063 targeting Brazilian financial institutions. The malware utilizes a server-side polymorphic build pipeline to deliver unique, AES-encrypted PowerShell payloads that execute filelessly in memory. Once active, it enables operator-driven fraud through remote input control, keylogging, deceptive banking overlays, and a specialized Pix QR code interception subsystem.