If you think phishing is just clicking a bad link and landing on a fake login page, Tycoon2FA will prove you wrong. This new wave of phishing-as-a-service isn’t playing the old game anymore; it’s running a 7-stage obstacle course built to wear down both humans and machines.
It’s already slipping past trusted security tools. If SOC teams can’t expose it in time, the damage could be done before anyone even knows it’s there.
Let’s look at how it works and what it takes to stop it.
Focused on High-Value Targets
Tycoon2FA isn’t going after random inboxes, it’s deliberately targeting accounts that can unlock critical systems and sensitive data.
- Government and military agencies.
- Financial institutions, from global banks to regional insurers.
Recent campaigns have struck the US, UK, Canada, and Europe. Data from ANY.RUN shows that 26% of Tycoon2FA cases involved banking-sector analysts, which is a clear proof this kit is going after sectors where a single stolen login could cause severe financial damage or national security risks.
How Tycoon2FA Beats Defenses in 7 Steps
When detonated in a sandbox, Tycoon2FA reveals a carefully engineered 7-step path; each stage designed to block automated tools, exhaust analysts, and hide the final phishing panel until the very end.
Check Real Case: Multi-Stage Tycoon2FA Attack
Analysis of multi-stage Tycoon2FA attack inside ANY.RUN sandbox
In a recent ANY.RUN analysis session, Tycoon2FA’s entire phishing chain was exposed in just minutes.
By running the sample with Automated Interactivity enabled, the sandbox didn’t stop at static analysis; it simulated real user behavior, clicking links, completing CAPTCHAs, pressing buttons, and navigating multi-step redirects.
This is where the detonation actions panel on the right side of the sandbox proves its worth. It shows the key steps taken during execution and provides useful hints to help analysts keep the session moving.
For junior analysts in particular, it’s an easy way to follow the flow and avoid getting stuck at tricky stages.
Detonation actions section with hints used to keep the session moving
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1. Phishing email link
The chain begins with a voicemail-themed phishing email, urging the victim to click a “Listen Here” link. Automated interactivity clicks it immediately, starting the analysis without manual input.
2. PDF download prompt
The link opens a “Download PDF” prompt disguised as a new voice message. The sandbox downloads the file instantly, preserving metadata for further inspection.
3. Link inside the PDF
Opening the PDF reveals another embedded hyperlink. ANY.RUN detects and follows it automatically, ensuring no redirection step is missed.
Embedded hyperlink analyzed inside ANY.RUN sandbox
4. Cloudflare Turnstile CAPTCHA
A CAPTCHA challenge appears to block automated scanners. The sandbox completes it without human help, moving the analysis forward.
5. “Press & Hold” human verification
A second anti-bot check requires a press-and-hold action. Automated interactivity simulates this gesture, unlocking the next stage.
6. Email validation page
The victim is prompted to “verify” their email address before continuing; a step often used to confirm the target is human and fits the attacker’s intended profile.
Email verification page exposed inside interactive sandbox
7. Tycoon2FA phishing panel
The final stage is a fake Microsoft login page designed to steal credentials. ANY.RUN fully renders the page, records traffic, and logs indicators for further investigation.
Why Sandbox Analysis Should Be in Every SOC Workflow
Attacks like Tycoon2FA prove that static tools alone can’t keep up. Multi-stage phishing kits deliberately stall automated scanners with human-verification steps, hide their final payloads, and use domains that can remain undetected on VirusTotal for days.
By integrating an interactive sandbox into the SOC workflow, teams can:
- Cut investigation time: Automated interactivity handles repetitive user actions (CAPTCHAs, button clicks, redirects) so analysts can see the entire attack path in minutes instead of hours.
- Expose hidden payloads: Even multi-step phishing chains like Tycoon2FA are fully executed, revealing the final phishing panel, network requests, and indicators.
- Boost detection accuracy: Behavioral analysis uncovers malicious logic that signatures alone can’t catch.
- Support junior analysts: The detonation actions panel provides clear, guided hints so less experienced team members can follow complex chains without stalling.
- Enrich threat intelligence: Every session generates IOCs, behavioral patterns, and network indicators ready for use in detection rules and threat hunts.
With this approach, SOC teams see everything the attacker sees, and they get it fast enough to act before the phishing campaign moves on to its next target.
Start your 14-day trial of ANY.RUN and run your own analysis of suspicious files or links. Watch every stage unfold, capture the evidence you need, and build detections that stop it cold.
Source: cybersecuritynews.com
