Microsoft has issued a warning about a new cyber attack involving the theft of gift cards. A group of malicious actors known as Storm-0539 is using phishing, smishing, and token theft techniques to infiltrate retail platforms and generate gift cards for fraudulent purposes. Retail gift cards are attractive targets for fraud due to their lack of customer identification associated with them, making them vulnerable to suspicious use without detection.
According to the Microsoft Threat Intelligence team, Storm-0539 has been observed taking gift card-based theft to the next level by using sophisticated phishing techniques and token theft. These cybercriminals, also known as ‘Atlas Lion’, have been identified as accessing corporate systems and employee accounts of large retailers through phishing techniques, device registration, and token theft. Once they gain access, these malicious actors generate fraudulent gift card codes that they use to steal products from targeted businesses.
The frequency of this type of fraud has increased by 30 percent between March and May 2024, particularly during American holidays like Thanksgiving, Black Friday, and Christmas. The group of cybercriminals known as Storm-0539 has demonstrated a high level of sophistication and ability to exploit cloud environments to perpetrate their attacks.
Microsoft recommends that organizations issuing gift cards prioritize the security of their card portals as high-value targets for cybercriminals. Continuous monitoring of these portals and conducting audits for any anomalous activities are advised. Implementing conditional access policies and educating security teams about social engineering tactics can help prevent falling victim to these scams.
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