Anatomy of Tycoon 2FA Phishing: Tactics Targeting M365 and Gmail

The Tycoon 2FA phishing kit represents one of the most sophisticated threats targeting enterprise environments today. This Phishing-as-a-Service (PhaaS) platform, which emerged in August 2023, has become a formidable adversary against organizational security, employing advanced evasion techniques and adversary-in-the-middle (AiTM) strategies to bypass multi-factor authentication protections.

According to the Any.run malware trends tracker, Tycoon 2FA leads with over 64,000 reported incidents this year, making it a critical concern for security teams managing Microsoft 365 and Gmail deployments.

How Tycoon 2FA Operates

The Tycoon 2FA campaign utilizes a reverse proxy server to host deceptive phishing pages that meticulously mimic legitimate login interfaces.

This adversary-in-the-middle approach allows attackers to capture user credentials and session cookies in real-time while bypassing two-factor authentication protections.

The attack unfolds through a sophisticated multi-stage process, beginning with phishing link distribution through PDFs, SVG files, PowerPoint presentations, emails, and malicious websites ...