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.
SHADOW-WATER-063
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Inside SHADOW-WATER-063’s Banana RAT: From Build Server to Banking Fraud