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+On November 18, our CERT was alerted by the International CyberSOC of a phishing campaign against several of Orange Cyberdefense customers in Germany. This campaign is designed for Microsoft 365 credential harvesting.
+The campaign likely started earlier this year, and has been already briefly mentioned in open sources:
+- https://govcert.lu/articles/phishing-threats/20250428-1/ 
+- https://www.diprotec.de/magazin/phishing-warnung-gefalschte-microsoft-e-mails-im-umlauf---unternehmen-im-visier
+
+We were able to pivot on the given indicators, and further uncover additional insights on the campaign’s victimology, infrastructure and execution chain.
+This phishing cluster leverages emails sent from compromised accounts. The emails contain a link to a subdomain of bubbleapps[.]io. Bubble.io is a no-code platform that lets users build full web applications through a visual editor instead of writing code. This platform has been regularly abused by threat actors to host phishing content since 2020.
+In the campaign we observed, a large portion of these bubbleapps URLs spoof names of real German companies. It also appears this campaign targets English-speaking and Italian-speaking users.
+
+The HTML content of the page contains a JS which launches a redirection once the victim provides their email to proceed. The second-stage redirection URL then leads to another page where a Cloudflare’s human verification-step must be carried out first. 
+Next, after a supposed sign-in initiation process, the user is asked to enter their Microsoft account username and password. 
+This is a standard Microsoft 365 credential phishing infection chain.