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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 employeesโ€™ Microsoft 365 credentials. The campaign has been engineered to bypass traditional email security defenses, such as secure email gateways (SEGs),ย  and multi-factor authentication (MFA) tools.

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