The SpyCloud Financial Services Fraud Whitepaper highlights the increasing number of attacks that bypass multi-factor authentication (MFA) to compromise cloud service accounts. The US Department of Homeland Security's Cybersecurity and Infrastructure Security Agency (CISA) issued an advisory warning that this was not a unique event. The whitepaper notes that criminals have successfully bypassed MFA to compromise cloud service accounts. SpyCloud observed a surge in infostealer logs being distributed and shared on various forums and chat groups. Once devices are infected, keyboard strokes and system information is siphoned, exposing details ranging from login credentials and browser history to geolocation, installed software, autofill info, and even device and web session cookies. This information can be used to completely bypass authentication and fraud controls, including MFA. MFA is a security measure that requires users to provide two or more forms of authentication to access a system or service.
