In this brief contribution we focus on the co-evolution of cybercrime and cybersecurity practices in the banking and financial sector. We draw on previous studies on outlaw innovation and organizational morphing to reconstruct the parallel and mutually influenced evolution of the bright and dark side of financial services. We identify five phases from the late 90s to the post-2015 period that show the paired configuration in actors, techniques, collaborative actions, and venues in the morphing of the two opposing sides. This paper constitutes the first step towards a broader empirical analysis on the generativity of opposing forces in digital ecosystems.