ZeroFox’s Anatomy and Trends of the Evolved Phishing Ecosystem (October 2021) examines how phishing has matured into a structured cybercrime supply chain. Threat actors now buy and sell phishing kits, infrastructure, and victim data across dark web markets, using automation and APIs to evade detection. Cyber puppeteer kits enable live, interactive attacks, often bypassing two-factor authentication. Stolen data is packaged into full identity profiles and sold for profit. The report outlines phishing’s lifecycle—from kit creation to monetization—and provides defense measures like MFA, zero-trust segmentation, and referrer log monitoring to identify and disrupt phishing operations.

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