Security News > 2023 > June > Microsoft Uncovers Banking AitM Phishing and BEC Attacks Targeting Financial Giants

Banking and financial services organizations are the targets of a new multi-stage adversary-in-the-middle phishing and business email compromise attack, Microsoft has revealed.

"The attack originated from a compromised trusted vendor and transitioned into a series of AiTM attacks and follow-on BEC activity spanning multiple organizations," the tech giant disclosed in a Thursday report.

This enabled the attackers to flexibly tailor the phishing pages to their targets and carry out session cookie theft, underscoring the continued sophistication of AitM attacks.

"The attacker presented targets with a website that mimicked the sign-in page of the targeted application, as in traditional phishing attacks, hosted on a cloud service," Microsoft said.

Ultimately, the recipients of the phishing emails are targeted by a second AitM attack to steal their credentials and trigger yet another phishing campaign from the email inbox of one of the users whose account was hacked as a result of the AitM attack.

The development comes less than a month after Microsoft warned of a surge in BEC attacks and the evolving tactics employed by cybercriminals, including the use of platforms, like BulletProftLink, for creating industrial-scale malicious mail campaigns.

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