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

✇KnowBe4 Security
By: KnowBe4 Threat Lab
4 December 2025 at 08:00
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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