Category Archives: Banking & Finance

Exploring DORA: How to manage ICT incidents and minimize cyber threat risks

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As cybersecurity breaches continue to rise globally, institutions handling sensitive information are particularly vulnerable. In 2024, the average cost of a data breach in the financial sector reached $6.08 million, making it the second hardest hit after healthcare, according to IBM’s 2024 Cost of a Data Breach report. This underscores the need for robust IT […]

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Unveiling the latest banking trojan threats in LATAM

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This post was made possible through the research contributions of Amir Gendler. In our most recent research in the Latin American (LATAM) region, we at IBM Security Lab have observed a surge in campaigns linked with malicious Chrome extensions. These campaigns primarily target Latin America, with a particular emphasis on its financial institutions. In this […]

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New Fakext malware targets Latin American banks

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Browser extensions have become integral to our online experience. From productivity tools to entertainment add-ons, these small software modules offer customized features to suit individual preferences. Unfortunately, extensions can prove useful to malicious actors as well. Capitalizing on the favorable characteristics of an add-on, an attacker can leverage attributes like persistence, seamless installation, elevated privileges […]

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PixPirate: The Brazilian financial malware you can’t see

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Malicious software always aims to stay hidden, making itself invisible so the victims can’t detect it. The constantly mutating PixPirate malware has taken that strategy to a new extreme. PixPirate is a sophisticated financial remote access trojan (RAT) malware that heavily utilizes anti-research techniques. This malware’s infection vector is based on two malicious apps: a […]

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DORA and your quantum-safe cryptography migration

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Quantum computing is a new paradigm with the potential to tackle problems that classical computers cannot solve today. Unfortunately, this also introduces threats to the digital economy and particularly the financial sector. The Digital Operational Resilience Act (DORA) is a regulatory framework that introduces uniform requirements across the European Union (EU) to achieve a “high […]

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Web injections are back on the rise: 40+ banks affected by new malware campaign

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Web injections, a favored technique employed by various banking trojans, have been a persistent threat in the realm of cyberattacks. These malicious injections enable cyber criminals to manipulate data exchanges between users and web browsers, potentially compromising sensitive information. In March 2023, security researchers at IBM Security Trusteer uncovered a new malware campaign using JavaScript […]

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Virtual credit card fraud: An old scam reinvented

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In today’s rapidly evolving financial landscape, as banks continue to broaden their range of services and embrace innovative technologies, they find themselves at the forefront of a dual-edged sword. While these advancements promise greater convenience and accessibility for customers, they also inadvertently expose the financial industry to an ever-shifting spectrum of emerging fraud trends. This […]

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Cost of a data breach 2023: Financial industry impacts

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According to the IBM Cost of a Data Breach Report 2023, the global average cost of a data breach in 2023 was $4.45 million, 15% more than in 2020. In response, 51% of organizations plan to increase cybersecurity spending this year. For the financial industry, however, global statistics don’t tell the whole story. Finance firms […]

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Gozi strikes again, targeting banks, cryptocurrency and more

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In the world of cybercrime, malware plays a prominent role. One such malware, Gozi, emerged in 2006 as Gozi CRM, also known as CRM or Papras. Initially offered as a crime-as-a-service (CaaS) platform called 76Service, Gozi quickly gained notoriety for its advanced capabilities. Over time, Gozi underwent a significant transformation and became associated with other […]

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The rise of malicious Chrome extensions targeting Latin America

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In its latest research, IBM Security Lab has observed a noticeable increase in campaigns related to malicious Chrome extensions, targeting  Latin America with a focus on financial institutions, booking sites, and instant messaging. This trend is particularly concerning considering Chrome is one of the most widely used web browsers globally, with a market share of […]

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