Detecting and mitigating a multi-stage AiTM phishing and BEC campaign

Microsoft Defender Experts observed a multi-stage adversary-in-the-middle (AiTM) and business email compromise (BEC) attack targeting banking and financial services organizations over two days. This attack originated from a compromised trusted vendor, involved AiTM and BEC attacks across multiple supplier/partner organizations for financial fraud, and did not use a reverse proxy like typical AiTM attacks.

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