The ClickFix page instructs users to run a PowerShell command that downloads what appears to be an image file. The image contains the actual malware payload hidden using steganography techniques.
User encounters ClickFix page (fake CAPTCHA, update, etc.)
Runs PowerShell command that downloads .png/.jpg file
PowerShell uses System.Drawing.Bitmap to extract pixel data
Hidden payload is AES-decrypted in memory
Malware executes entirely in memory (fileless)