What is a Banking Trojan?

Banking trojans are a growing cyber threat, targeting 1,700 banks and 276 crypto wallets in 2024. Learn how they work, their most dangerous variants, and the best ways to detect and prevent them with phishing simulations, security awareness training, and risk management.

2024-01-17

A Banking Trojan is a type of malicious software (malware) designed specifically to steal personal financial data, such as online banking credentials, credit card details, or account login information. Once infected, the Trojan can monitor online activity, capture keystrokes, display fake bank webpages, or redirect users to fraudulent sites.

The rise of online banking has made transactions easier but also increased cyber threats like banking trojans—malware designed to steal financial credentials through keylogging, screen capture, and fake banking interfaces.

In 2024, the Grandoreiro banking trojan targeted 1,700 banks and 276 crypto wallets across 45 countries, causing millions in fraudulent losses. Its growing global reach highlights the urgent need for stronger cybersecurity measures.

With 72% of bank customers relying on digital banking, the risk is greater than ever. This blog post explores how banking trojans work, their most dangerous variants, and the best ways to defend against them.

How Banking Trojans Work

Banking trojans are designed to infiltrate devices, remain undetected, and steal financial data. Unlike other malware, they specifically target online banking users, capturing login credentials, credit card details, and other sensitive information. Their success lies in their ability to disguise themselves as legitimate apps or banking processes, making them difficult to detect.

To understand their full impact, let's explore how they infect devices and the stages of a banking trojan attack.

How They Infect Devices

Banking trojans use various deceptive methods to infiltrate devices:

Phishing Emails: Victims receive fake emails with malicious links or attachments that install the trojan.
Fake Banking Apps: Cybercriminals create counterfeit apps that steal login credentials.
Compromised Websites: Malicious ads or downloads on infected sites install trojans automatically.
Software Bundling: Some pirated or free software secretly carries trojans that activate upon installation.
Drive-By Downloads: Simply visiting an infected website can trigger an automatic trojan download.

Stages of a Banking Trojan Attack

Once inside a system, a banking trojan follows these steps to steal financial data:

Infiltration: The trojan infects the device through one of the methods above.
Hiding: It disguises itself as legitimate software to evade detection.
Data Theft: It logs keystrokes, captures screens, and redirects users to fake banking pages.
Data Transmission: Stolen information is sent to cybercriminal-controlled servers.
Exploitation: Attackers use the stolen credentials for fraudulent transactions and identity theft.

These deceptive tactics make banking trojans one of the most dangerous cyber threats today.

Banking Trojans vs. Other Malware

Stage	Description	Examples
Malware Type	Primary Objective	Notable Characteristics
Ransomware	Encrypts files and demands a ransom	Overt attack demanding payment
Spyware	Collects user data and activity	Silent monitoring for long-term exploitation
Banking Trojan	Steals financial information	Mimics legitimate banking interfaces for stealth attacks

Table 1: Comparison of Banking Trojans vs. Other Malware Types

Unlike ransomware, which demands immediate payments, or spyware, which passively observes users, banking trojans operate in disguise, making them harder to detect and prevent.

Notorious Banking Trojan Families

Several banking trojan families have caused widespread financial damage, including:

Zeus (Zbot): First detected in 2007, it pioneered keylogging and form-grabbing techniques to steal banking credentials.
Dridex: Targets corporate banking systems using phishing emails and botnets.
Emotet: It originally started as a banking trojan but later became a malware distribution network.
QakBot (Qbot): Spreads rapidly through email phishing campaigns, often locking corporate users out of their networks.
SpyEye & Citadel: Variants of Zeus, these trojans introduced automated money transfers and advanced evasion techniques.

Signs of a Banking Trojan Infection

Detecting a banking trojan early can prevent financial fraud and data theft. These trojans operate silently, making it essential to recognize suspicious activity before serious damage occurs.

For Individuals:

If your personal banking information is compromised, you may notice:

Unauthorized Transactions: Unexpected withdrawals or purchases on your bank statement.
Login Issues: Sudden password resets or failed login attempts.
Fake Banking Prompts: Unfamiliar pop-ups or redirects asking for credentials.
Slow or Unresponsive Device: Malware consuming system resources in the background.

For Businesses:

Companies targeted by banking trojans may experience:

Suspicious Financial Activity: Unexplained fund transfers or altered transactions.
Unusual Data Traffic: Large, unexpected data transfers that may indicate stolen information being sent to hackers.
Employee Access Problems: Users being locked out of company banking portals or systems.

If you notice any of these signs, take immediate action to secure your accounts and remove the threat.

How to Protect Against Banking Trojans

Preventing banking trojans requires proactive security measures. Individuals must strengthen their personal cybersecurity habits, while financial institutions need advanced defenses to detect and block threats before they cause harm.

Best Practices for Individuals

To protect personal banking information, follow these key steps:

Use Strong, Unique Passwords: Avoid reusing passwords across multiple accounts.
Enable Two-Factor Authentication (2FA): Adds an extra layer of security to prevent unauthorized access.
Keep Software & Antivirus Updated: Regular updates fix security vulnerabilities that trojans exploit.
Avoid Suspicious Links and Emails: Verify emails before clicking links, especially those requesting banking details.
Test Your Awareness with a Phishing Simulator: Simulated phishing attacks help you recognize real threats.

Advanced Security for Financial Institutions

Businesses must implement stronger security measures to defend against large-scale banking trojan attacks:

Monitor Unusual Transactions: Behavior-based detection identifies fraudulent activities in real time.
Use Real-Time Threat Intelligence: Get alerts on emerging cyber threats using threat intelligence sharing platforms.
Train Employees on Email Security: Security awareness training reduces phishing risks.
Automate Incident Response: Email security tools quickly detect and mitigate attacks.

Cybersecurity is not just about technology—it's also about awareness and culture. Building a security-conscious corporate culture helps businesses stay ahead of cyber threats like banking trojans. Learn how to strengthen your organization’s security mindset in Building a Security-Conscious Corporate Culture: A Roadmap for Success.

The Rising Threat of Banking Trojans

As cybercriminals refine their tactics, banking trojans continue to pose a serious risk to individuals and businesses. The rapid expansion of digital banking has made financial data an attractive target, increasing the urgency for proactive cybersecurity measures.

One of the most effective ways to combat banking trojans is through adaptive phishing simulations and security awareness training. Traditional security training often fails due to lack of engagement, but using nudges and gamification can significantly improve knowledge retention and response times. By integrating real-world phishing scenarios with interactive training, employees learn to identify and respond to threats before they cause damage.

To further enhance security, organizations should adopt a human-centric approach to risk management. Keepnet offers valuable insights on these topics in:

By leveraging phishing simulations, continuous training, and behavior-based security strategies, organizations can minimize the risk of banking trojan attacks.

To build a resilient security culture, check out Keepnet’s Extended Human Risk Management Platform—a comprehensive solution designed to strengthen your organization’s cybersecurity defenses.