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The Ghost in the Machine: How a Multi-Stage Phishing Campaign Evades Security to Steal Microsoft 365 Credentials

Lead Analysts: Jeewan Singh Jalal, Prabhakaran Ravichandhiran and Anand Bodke

Since November 3, 2025, KnowBe4 Threat Labs has been monitoring a highly sophisticated, multi-stage phishing operation that is actively targeting organizations to steal employees’ Microsoft 365 credentials. The campaign has been engineered to bypass traditional email security defenses, such as secure email gateways (SEGs),  and multi-factor authentication (MFA) tools.

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Scammers Are Exploiting the Holiday Shopping Season

Users should be particularly wary of holiday-themed scams over the next few weeks, according to researchers at Malwarebytes.

“Mobile-first shopping has become second nature, and during the holidays, it’s faster and more frantic than ever,” Malwarebytes says. “Fifty-five percent of people get a scam text message weekly, while 27% are targeted daily.

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