Multi-Stage Phishing Campaigns Targeting Microsoft 365 and Cloud Services
A sophisticated, multi-stage phishing campaign has been observed targeting organizations globally to steal Microsoft 365 credentials. The operation, monitored since early November 2025, employs advanced evasion techniques such as nested PDFs, use of legitimate content delivery networks, and mouse tracking to bypass secure email gateways and multi-factor authentication. The final credential harvesting site is engineered to block security tools and analysts, and leverages legitimate Microsoft infrastructure to circumvent MFA, granting attackers immediate access to compromised accounts. These attacks highlight the increasing complexity of phishing operations and their ability to evade traditional security controls.
In parallel, threat actors are exploiting free cloud hosting platforms like Cloudflare Pages to host convincing phishing portals impersonating banking and healthcare providers. These sites not only harvest credentials but also collect additional security information, such as answers to secret questions, and exfiltrate data via Telegram bots to evade detection. Attackers use compromised legitimate domains as redirectors, increasing the likelihood of bypassing spam filters and making takedown efforts more challenging. The convergence of advanced phishing techniques and abuse of trusted cloud services underscores the need for enhanced detection and response strategies for organizations relying on Microsoft 365 and similar platforms.
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How this story unfolded
2 events from the most recent confirmed update back to the earliest known activity.
Investigation documents phishing kits on Cloudflare Pages and Telegram
An investigation uncovered a phishing operation using Cloudflare Pages subdomains and compromised legitimate websites as redirectors to host convincing banking and insurance or healthcare login portals. The phishing kit collected credentials, security-question answers, and related data, then sent the stolen information directly to Telegram bots instead of a traditional command-and-control server.
Multi-stage phishing campaign begins targeting Microsoft 365 users
A sophisticated phishing campaign began targeting Microsoft 365 users globally in November 2025. The operation used nested PDFs, legitimate CDN services, mouse tracking, and analyst-blocking techniques to evade secure email gateways and harvest credentials.
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Multi-Stage Phishing Campaigns Bypassing MFA to Steal Microsoft 365 Credentials
A wave of sophisticated phishing campaigns is targeting organizations globally to steal Microsoft 365 credentials by bypassing traditional email security gateways and multi-factor authentication (MFA) protections. Attackers are employing advanced techniques such as multi-stage payload delivery using nested PDF attachments, legitimate content delivery networks, and mouse tracking to evade detection. Once victims interact with these emails and enter their credentials on a credential harvesting site, attackers leverage legitimate Microsoft infrastructure to bypass MFA and gain immediate access to the victim’s Microsoft 365 environment. These campaigns are engineered to filter out security analysts and block standard security tools, making detection and response more challenging. In parallel, threat actors are increasingly using attacker-in-the-middle toolkits like Evilginx and hybrid phishing-as-a-service kits such as Salty2FA and Tycoon2FA to capture both user credentials and session cookies. By stealing session cookies, attackers can impersonate users and maintain access without triggering additional MFA prompts, even after successful authentication. The blending of different phishing kits into hybrid strains is making detection harder, as traditional security rules tuned to individual kits are now being evaded. Security researchers warn that static indicators are no longer sufficient, and behavioral analysis is required to spot these evolving threats.
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Adversary-in-the-Middle Phishing Attacks Targeting Microsoft 365
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