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Fortinet says the Ousaban trojan uses geofenced phishing PDFs and steganography to steal banking credentials from users in Spain and Portugal.

Of the roughly $3.9 million spent on pay for the 33 employees identified, other agencies funded nearly $2.3 million — or 58% of the cost.

Fortinet says the May 2026 Ousaban campaign uses PDF lures, geofencing, and steganography to target Windows banking users.