An emerging phishing kit called "Tycoon 2FA" is gaining widespread use among threat actors, who are employing it to target Microsoft 365 and Gmail email accounts. This kit, discovered by researchers at Sekoia, has been active since at least August and received updates as recent as last month to enhance its evasion techniques against multifactor authentication (MFA).
According to the researchers, Tycoon 2FA is extensively utilized in various phishing campaigns, primarily aimed at harvesting Microsoft 365 session cookies to bypass MFA processes during subsequent logins. The platform has amassed over 1,100 domain names between October 2023 and late February, with distribution facilitated through Telegram channels under different handles such as Tycoon Group, SaaadFridi, and Mr_XaaD.
Operating as a phishing-as-a-service (PhaaS) platform, Tycoon 2FA offers ready-made phishing pages for Microsoft 365 and Gmail accounts, along with attachment templates, starting at $120 for 10 days, with prices varying based on the domain extension. Transactions are conducted via Bitcoin wallets managed by the "Saad Tycoon Group," suspected to be the operator and developer of Tycoon 2FA, with over 1,800 recorded transactions as of mid-March.
The phishing technique employed by Tycoon 2FA involves an adversary-in-the-middle (AitM) approach, utilizing a reverse proxy server to host phishing webpages. This method intercepts user inputs, including MFA tokens, allowing attackers to bypass MFA even if credentials are changed between sessions.
Despite the security enhancements provided by MFA, sophisticated attacks like Tycoon 2FA pose significant threats by exploiting AitM techniques. The ease of use and relatively low cost of Tycoon 2FA make it appealing to threat actors, further compounded by its stealth capabilities that evade detection by security products.
Sekoia researchers outlined a six-stage process used by Tycoon 2FA to execute phishing attacks, including URL redirections, Cloudflare Turnstile challenges, JavaScript execution, and the presentation of fake authentication pages to victims.
The emergence of Tycoon 2FA underscores the evolving landscape of phishing attacks, challenging the effectiveness of traditional MFA methods. However, security experts suggest that certain forms of MFA, such as security keys implementing WebAuthn/FIDO2 standards, offer higher resistance against phishing attempts.
To assist organizations in identifying Tycoon 2FA activities, Sekoia has published a list of indicators of compromise (IoCs) on GitHub, including URLs associated with Tycoon 2FA phishing campaigns.
