mythsthe peopleTycoon2FA2024-2026cross-sector

everyone assumed:

we have MFA, so phishing is handled

what was actually true:

Prompt-and-code MFA stops the password thief, and the market answered with the session thief.

how it happened

  1. whophishing kitsold as a service
  2. the gaprelay proxypasses MFA to the real site
  3. thensession tokenvalid until it expires
  4. the resultindustrial scale~39,000 token thefts a day
the gap that let it happen the result

what everyone assumed

MFA was bought to end the phishing problem, and the rollout was real work that earned its confidence. With a second factor on every account, a stolen password is half a key. The reasonable conclusion is that phishing emails became someone else’s problem.

what happened

Tycoon2FA and kits like it run as subscription services, relaying real logins at industrial scale and harvesting the session tokens that finished authentication produces. Across the ecosystem, Microsoft estimated roughly 39,000 token theft incidents per day (2024). Each stolen session rode quietly inside its expiry window, indistinguishable from the user.

step by step

  1. a kit sold as a subscription relays real loginsThe user completes MFA on a proxy page.
  2. the session token is harvestedIt rides inside its expiry window, indistinguishable from the user.the assumption breaks here
  3. 2024about 39,000 token thefts a dayMicrosoft's estimate across the ecosystem.
  4. March 2026Microsoft publishes its teardown

how it surfaced

Microsoft published its teardown of the operation in March 2026, describing a leading adversary-in-the-middle kit run at scale. By then the pattern had a name and a market, and the defense had a clear shape: factors that cannot be relayed.

Prompt-and-code MFA stops the password thief, and the market answered with the session thief.

The factor that holds is bound to the genuine domain, which a relay page cannot satisfy.

picture it at a company like yours

The company here is made up. The other two paths are not: they happened, and each links to the story.

your company
a normal dayYour admins sign in with a password and a code on their phone.
the gap nobody seesA fake login page can pass both through to the real site in real time.a second factor that can be relayed
  1. in this story
    the day it mattersA criminal service steals the logged-in session as it happens.
    what it costs youThe attacker stays logged in as your admin, and the code did not help.
  2. or it goes like this
    howA fake login page passes the password and code to the real site as they are typed.
    what leavesinternal documents, code and dashboardswho ends up with itthe attacker behind the page
    it happenedReddit, 2023
  3. or it goes like this
    howLogin prompts keep coming until a tired employee taps approve.
    what leavesadmin tools and company chatwho ends up with itan attacker who bought a contractor's password
    it happenedUber, 2022

sources

  1. BleepingComputer: new MFA-bypassing phishing kit targets Microsoft 365 and Gmail accounts
  2. Cloud Security Alliance: Tycoon2FA returns after law enforcement disruption (March 2026)

← all myths

your turn

what you can do about it

  1. this week

    Check which second factor your admin accounts actually use.

    Your admins' MFA factor is either relayable or it is not, and that single property decides whether this entire criminal economy applies to you. Checking which factors your highest-privilege accounts actually use takes less time than reading this story.

  2. go deeper

  3. if you're not sure where to start

    Run the offboarding checklist on one leaver. It covers every account and token to close when someone leaves.

    open the checklist →

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