Brazilian APT's 'Shadow Vector' Deploys Memory-Resident Banking Malware Across Latin America

A new advanced persistent threat (APT) campaign originating from Brazil is targeting financial institutions across Latin America with sophisticated memory-resident banking malware. Dubbed 'Shadow Vector' by security researchers, this operation represents a significant escalation in regional cybercrime capabilities.

The attack chain begins with highly targeted phishing emails containing malicious SVG (Scalable Vector Graphics) files. These files exploit vulnerabilities in document viewers to download and execute the malware payload directly in memory, leaving no traces on disk. This fileless approach allows the malware to bypass traditional antivirus solutions that rely on signature-based detection of persistent files.

Once installed, the malware establishes communication with command-and-control servers hosted on legitimate cloud platforms, blending malicious traffic with normal web activity. The malware's primary function is to harvest online banking credentials through:

1. Form grabbing from web browsers
2. Keylogging
3. Screen capture capabilities
4. Session hijacking

What makes Shadow Vector particularly dangerous is its ability to bypass multi-factor authentication (MFA) systems through real-time man-in-the-browser attacks. The malware can intercept authentication tokens and SMS verification codes, providing attackers with full access to compromised accounts.

The campaign appears focused on corporate banking accounts in Brazil, Mexico, Colombia, and Chile, with particular interest in financial sector employees who have access to high-value transactions. Researchers have observed the malware targeting over 40 different banking applications and financial platforms.

Defensive recommendations include:

• Implementing memory scanning solutions
• Restricting execution of SVG files in email attachments
• Enhanced monitoring of cloud service traffic
• Regular credential rotation for banking access
• Specialized training for financial sector employees

The emergence of such sophisticated financial malware from Latin American threat actors marks a concerning evolution in regional cyber threats, requiring equally sophisticated defensive measures from potential targets.