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FormBook Malware Uses Phishing, DLL Side-Loading, JavaScript

0
Medium
Published: Wed Apr 22 2026 (04/22/2026, 12:43:19 UTC)
Source: AlienVault OTX General

Description

Two distinct phishing campaigns have been identified targeting companies in Greece, Spain, Slovenia, Bosnia and Central American countries to deliver FormBook data-stealing malware. The first campaign uses RAR attachments containing legitimate executables like Sandboxie ImBox.exe, TikTok desktop, Adobe PDF Preview Handler, and XZ Utils, exploiting DLL side-loading with malicious DLL files. The second campaign deploys heavily obfuscated JavaScript that drops encrypted PNG files, uses PowerShell with Base64 encoding, and leverages a custom .NET loader called Mandark to inject the payload into RegAsm process. Both campaigns deliver the same FormBook executable that employs advanced evasion by manually mapping ntdll.dll in memory to bypass user-mode monitoring and perform direct syscalls, enabling credential theft and data collection from browsers while avoiding detection mechanisms.

AI-Powered Analysis

Machine-generated threat intelligence

AILast updated: 04/22/2026, 15:46:24 UTC

Technical Analysis

This threat involves two distinct phishing campaigns delivering the FormBook malware, a data-stealing trojan. The first campaign uses RAR archives containing legitimate executables that exploit DLL side-loading to load malicious DLL files. The second campaign uses heavily obfuscated JavaScript to drop encrypted PNG files, then uses Base64-encoded PowerShell scripts and a custom .NET loader named Mandark to inject the malware into the RegAsm process. The FormBook executable employs advanced evasion techniques by manually mapping ntdll.dll in memory to bypass user-mode monitoring and perform direct system calls. This enables the malware to steal credentials and browser data stealthily.

Potential Impact

The malware enables credential theft and data collection from browsers, potentially compromising sensitive information within targeted organizations. The advanced evasion techniques reduce the likelihood of detection by common security tools, increasing the risk of prolonged undetected presence. The campaigns specifically target companies in Greece, Spain, Slovenia, Bosnia, and Central American countries, indicating focused regional targeting.

Mitigation Recommendations

No patch or official remediation is indicated in the provided data. Organizations should focus on user awareness to prevent phishing, monitor for DLL side-loading behaviors, and detect obfuscated JavaScript and suspicious PowerShell activity. Endpoint detection and response solutions should be tuned to identify manual ntdll.dll mapping and direct syscall techniques. Since no vendor advisory or patch information is available, patch status is not yet confirmed — check vendor advisories for updates.

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Technical Details

Author
AlienVault
Tlp
white
References
["https://www.watchguard.com/wgrd-security-hub/secplicity-blog/formbook-malware-analysis-phishing-campaigns-use-dll-side-loading"]
Adversary
null
Pulse Id
69e8c267419390d6722afdd5
Threat Score
null

Indicators of Compromise

Hash

ValueDescriptionCopy
hash4140d26ecad2fd8a3ea326ee49f5dd8bda3696e0d1ae6e756db6d61d70bf3af4
hash9601283e3153779f5a7e845365fdd87d
hash3d1eaf0777aac4c76ff406b9ecf82af7d045b8f3
hash872116260461fe63dd8664dbfbc7efa0
hash8d79722188d998327dd7edf9924bffe2
hashab0d213d4df3de06bbd2db524fb73282

Threat ID: 69e8e9b919fe3cd2cdc882b4

Added to database: 4/22/2026, 3:31:05 PM

Last enriched: 4/22/2026, 3:46:24 PM

Last updated: 4/23/2026, 1:06:22 AM

Views: 9

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