The Phishinator breaks Defenses
- Javier Conejo del Cerro
- 29 sept
- 3 Min. de lectura
Actualizado: 15 oct

The line between artificial intelligence as a tool for defenders and a weapon for attackers keeps blurring. Microsoft has revealed a phishing campaign against U.S. organizations that stands out for its use of large language model (LLM)-generated code to obfuscate payloads hidden inside Scalable Vector Graphics (SVG) files. Unlike traditional phishing, this campaign blended synthetic business terminology, self-addressed email headers, and SVG scripting capabilities to bypass security filters and lure victims into surrendering credentials. Though swiftly blocked, the attack illustrates how adversaries are weaving AI into their arsenal to craft more resilient, deceptive, and harder-to-detect phishing operations.
Phase 1: Precision Targeting
The attackers carefully selected their victims: U.S.-based organizations, with a focus on employees in sales, support, and administrative roles. These are staff members most likely to process external file-sharing links daily, making them more susceptible to lures resembling collaboration workflows.
The emails were sent from compromised business accounts, immediately adding a layer of credibility.
They leveraged a self-addressed tactic, where sender and recipient matched, while hiding true victims in BCC fields. This trick helped evade simple heuristics in email security systems and gave the messages a legitimate appearance.
Phase 2: The Trojan File
The lure masqueraded as PDF sharing notifications—a familiar and trusted format. But the payload was an SVG file, chosen deliberately because SVG is:
Text-based and scriptable, allowing embedded JavaScript.
Capable of hiding invisible elements, delayed execution, and encoded attributes that confuse static analysis and sandboxing.
Inside, the SVG carried obfuscated code. Instead of direct malicious commands, the attackers filled the file with verbose, business-oriented terms—like revenue, growth, operations, shares, a clear sign of LLM generation. The structure was over-engineered, modular, and intentionally bloated, designed to mislead both human reviewers and automated defenses.
Phase 3: Obfuscation in Motion
When a victim opened the file, the illusion of a business analytics dashboard appeared—yet another decoy to throw off suspicion. Beneath the surface, the hidden logic went live:
Victims were redirected to a fake CAPTCHA page, framed as a security check.
Once solved, they landed on a fraudulent login portal, crafted to steal user credentials and session tokens.
Simultaneously, the script enabled browser fingerprinting and tracking, giving attackers reconnaissance on the environment for possible follow-up actions.
This phase highlights the attackers’ dual strategy: deception through realistic lures and technical stealth through AI-driven obfuscation.
Phase 4: Blocked but Not Forgotten
Microsoft’s systems flagged and neutralized the campaign before large-scale theft occurred. However, the potential impact was severe: stolen credentials could have granted attackers access to corporate accounts, sensitive business data, and internal systems. The campaign underscores how AI is being weaponized, not only to generate malicious payloads but to mimic the tone, structure, and complexity of legitimate business code.
The Phishinator may have been stopped, but its design shows what the future of phishing looks like: AI-shaped payloads wrapped in trusted file formats and disguised with everyday business language. Defenses must evolve accordingly:
Block risky attachment types like SVGs or subject them to strict sandboxing.
Train employees to scrutinize even familiar file-sharing notifications.
Detect anomalies in self-addressed emails with hidden BCC recipients.
Deploy advanced attachment scanning capable of parsing scriptable formats like SVG.
Monitor endpoints for suspicious browser behavior, fake CAPTCHAs, and credential exfiltration attempts.
Adopt AI for defense, mirroring adversaries’ techniques with systems that can spot over-engineered, LLM-style obfuscation.
The Phishinator reminds us: in the cyber battlefield, AI has no allegiance. It sharpens the claws of both predator and prey. The winners will be those who harness it faster and smarter.
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