A newly identified banking malware strain called VENON is targeting users in Brazil and stands out for an unusual technical choice. Instead of relying on the Delphi programming language used by many long-running Latin American banking trojans, the new threat is written in Rust, a modern systems language that is increasingly appearing in intricately executed cyber operations.
The malware infects Windows machines and was first detected in February 2026. Researchers at the Brazilian cybersecurity firm ZenoX assigned the malware the name VENON after analyzing the threat.
Although it is written in a different programming language, the malware behaves similarly to several well-known banking trojans that have historically targeted financial institutions in Latin America. Analysts say the threat shares operational patterns with malware families such as Grandoreiro, Mekotio, and Coyote. These similarities include techniques like monitoring the active window on a victim’s computer, launching fake login overlays when banking applications open, and hijacking Windows shortcut files to redirect users.
At the moment, investigators have not linked VENON to any previously identified cybercriminal operation. However, forensic examination of an earlier version of the malware dating back to January 2026 revealed traces from the developer’s workstation. File paths embedded in the code repeatedly referenced a Windows user account named “byst4,” which may indicate the environment used during development.
Researchers believe the developer appears to be familiar with how Latin American banking trojans typically operate. However, the implementation in Rust suggests a higher level of technical expertise compared with many traditional banking malware campaigns. Analysts also noted that generative artificial intelligence tools may have been used to help reproduce and expand existing malware capabilities while rewriting them in Rust.
The infection process relies on a multi-stage delivery chain designed to avoid detection. VENON is executed through a technique known as DLL side-loading, where a malicious dynamic-link library runs when a legitimate application loads it. Investigators suspect the campaign may rely on social-engineering tactics similar to the ClickFix method. In this scenario, victims are persuaded to download a ZIP archive that contains the malicious components. A PowerShell script within the archive then launches the malware.
Before performing any harmful actions, the malicious DLL runs several checks designed to evade security tools. Researchers documented nine separate evasion methods. These include detecting whether the malware is running inside a security sandbox, using indirect system calls to avoid monitoring, and bypassing both Event Tracing for Windows (ETW) logging and the Antimalware Scan Interface (AMSI).
After completing these checks, the malware contacts a configuration file hosted on Google Cloud Storage. It then installs a scheduled task on the compromised machine to maintain persistence and establishes a WebSocket connection with a command-and-control server operated by the attackers.
Investigators also identified two Visual Basic Script components embedded in the DLL. These scripts implement a shortcut hijacking mechanism aimed specifically at the Itaú banking application. The technique replaces legitimate shortcuts with manipulated versions that redirect victims to a fraudulent webpage controlled by the threat actor.
The malware even includes an uninstall routine that can reverse these shortcut changes. This feature allows operators to restore the original system configuration, which could help remove evidence of the compromise after an attack.
VENON is configured to monitor activity related to 33 financial institutions and cryptocurrency services. The malware constantly checks the titles of open windows and the domains visited in web browsers. It activates only when a user accesses one of the targeted banking platforms. When triggered, the malware displays fake login overlays designed to capture credentials.
The discovery comes amid a broader wave of campaigns targeting Brazilian users through messaging platforms. Researchers recently observed threat actors exploiting the widespread popularity of WhatsApp in the country to spread a worm known as SORVEPOTEL. The worm spreads through the desktop web version of the messaging service by abusing already authenticated chat sessions to send malicious messages directly to contacts.
According to analysts at Blackpoint Cyber, a single malicious message sent from a compromised SORVEPOTEL session can initiate a multi-stage infection chain. In one observed scenario, the attack eventually deployed the Astaroth threat entirely in system memory.
The researchers noted that the combination of local automation tools, browser drivers operating without supervision, and runtime environments that allow users to write files locally created an environment that made it easier for both the worm and the final malware payload to install themselves with minimal resistance.
