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September 18, 2024

FortiClient EMS Exploited: Attack Chain & Post Exploitation Tactics

Read about the methods used to exploit FortiClient EMS and the critical post-exploitation tactics that affect cybersecurity defenses.
Inside the SOC
Darktrace cyber analysts are world-class experts in threat intelligence, threat hunting and incident response, and provide 24/7 SOC support to thousands of Darktrace customers around the globe. Inside the SOC is exclusively authored by these experts, providing analysis of cyber incidents and threat trends, based on real-world experience in the field.
Written by
Emily Megan Lim
Cyber Analyst
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18
Sep 2024

Cyber attacks on internet-facing systems

In the first half of 2024, the Darktrace Threat Research team observed multiple campaigns of threat actors targeting vulnerabilities in internet-facing systems, including Ivanti CS/PS appliances, Palo Alto firewall devices, and TeamCity on-premises.

These systems, which are exposed to the internet, are often targeted by threat actors to gain initial access to a network. They are constantly being scanned for vulnerabilities, known or unknown, by opportunistic actors hoping to exploit gaps in security. Unfortunately, this exposure remains a significant blind spot for many security teams, as monitoring edge infrastructure can be particularly challenging due to its distributed nature and the sheer volume of external traffic it processes.

In this blog, we discuss a vulnerability that was exploited in Fortinet’s FortiClient Endpoint Management Server (EMS) and the post-exploitation activity that Darktrace observed across multiple customer environments.

What is FortiClient EMS?

FortiClient is typically used for endpoint security, providing features such as virtual private networks (VPN), malware protection, and web filtering. The FortiClient EMS is a centralized platform used by administrators to enforce security policies and manage endpoint compliance. As endpoints are remote and distributed across various locations, the EMS needs to be accessible over the internet.

However, being exposed to the internet presents significant security risks, and exploiting vulnerabilities in the system may give an attacker unauthorized access. From there, they could conduct further malicious activities such as reconnaissance, establishing command-and-control (C2), moving laterally across the network, and accessing sensitive data.

CVE-2023-48788

CVE-2023-48788 is a critical SQL injection vulnerability in FortiClient EMS that can allow an attacker to gain unauthorized access to the system. It stems from improper neutralization of special elements used in SQL commands, which allows attackers to exploit the system through specially crafted requests, potentially leading to Remote Code Execution (RCE) [1]. This critical vulnerability was given a CVSS score of 9.8 and can be exploited without authentication.

The affected versions of FortiClient EMS include:

  • FortiClient EMS 7.2.0 to 7.2.2 (fixed in 7.2.3)
  • FortiClient EMS 7.0.1 to 7.0.10 (fixed in 7.0.11)

The vulnerability was publicly disclosed on March 12, 2024, and an exploit proof of concept was released by Horizon3.ai on March 21 [2]. Starting from March 24, almost two weeks after the initial disclosure, Darktrace began to observe at least six instances where the FortiClient EMS vulnerability had likely been exploited on customer networks. Seemingly exploited devices in multiple customer environments were observed performing anomalous activities, including the installation of Remote Monitoring and Management (RMM) tools, which was also reported by other security vendors around the same time [3].

Darktrace’s Coverage

Initial Access

To understand how the vulnerability can be exploited to gain initial access, we first need to explain some components of the FortiClient EMS:

  • The service FmcDaemon.exe is used for communication between the EMS and enrolled endpoint clients. It listens on port 8013 for incoming client connections.
  • Incoming requests are then sent to FCTDas.exe, which translates requests from other server components into SQL requests. This service interacts with the Microsoft SQL database.
  • Endpoint clients communicate with the FmcDaemon on the server on port 8013 by default.

Therefore, an SQL injection attack can be performed by crafting a malicious payload and sending it over port 8013 to the server. To carry out RCE, an attacker may send further SQL statements to enable and use the xp_cmdshell functionality of the Microsoft SQL server [2].

Shortly before post-exploitation activity began, Darktrace had observed incoming connections to some of the FortiClient EMS devices over port 8013 from the external IPs 77.246.103[.]110, 88.130.150[.]101, and 45.155.141[.]219. This likely represented the threat actors sending an SQL injection payload over port 8013 to the EMS device to validate the exploit.

Establish C2

After exploiting the vulnerability and gaining access to an EMS device on one customer network, two additional devices were seen with HTTP POST requests to 77.246.103[.]110 and 212.113.106[.]100 with a new PowerShell user agent.

Interestingly, the IP 212.113.106[.]100 has been observed in various other campaigns where threat actors have also targeted internet-facing systems and exploited other vulnerabilities. Open-source intelligence (OSINT) suggests that this indicator of compromise (IoC) is related to the Sliver C2 framework and has been used by threat actors such as APT28 (Fancy Bear) and APT29 (Cozy Bear) [4].

Unusual file downloads were also observed on four devices, including:

  • “SETUP.MSI” from 212.32.243[.]25 and 89.149.200[.]91 with a cURL user agent
  • “setup.msi” from 212.113.106[.]100 with a Windows Installer user agent
  • “run.zip” from 95.181.173[.]172 with a PowerShell user agent

The .msi files would typically contain the RMM tools Atera or ScreenConnect [5]. By installing RMM tools for C2, attackers can leverage their wide range of functionalities to carry out various tasks, such as file transfers, without the need to install additional tools. As RMM tools are designed to maintain a stable connection to remote systems, they may also allow the attackers to ensure persistent access to the compromised systems.

A scan of the endpoint 95.181.173[.]172 shows various other files such as “RunSchedulerTask.ps1” and “anydesk.exe” being hosted.

Screenshot of the endpoint 95.181.173[.]172 hosting various files [6].
Figure 1: Screenshot of the endpoint 95.181.173[.]172 hosting various files [6].

Shortly after these unusual file downloads, many of the devices were also seen with usage of RMM tools such as Splashtop, Atera, and AnyDesk. The devices were seen connecting to the following endpoints:

  • *[.]relay.splashtop[.]com
  • agent-api[.]atera[.]com
  • api[.]playanext[.]com with user agent AnyDesk/8.0.9

RMM tools have a wide range of legitimate capabilities that allow IT administrators to remotely manage endpoints. However, they can also be repurposed for malicious activities, allowing threat actors to maintain persistent access to systems, execute commands remotely, and even exfiltrate data. As the use of RMM tools can be legitimate, they offer threat actors a way to perform malicious activities while blending into normal business operations, which could evade detection by human analysts or traditional security tools.

One device was also seen making repeated SSL connections to a self-signed endpoint “azure-documents[.]com” (104.168.140[.]84) and further HTTP POSTs to “serv1[.]api[.]9hits[.]com/we/session” (128.199.207[.]131). Although the contents of these connections were encrypted, they were likely additional infrastructure used for C2 in addition to the RMM tools that were used. Self-signed certificates may also be used by an attacker to encrypt C2 communications.

Internal Reconnaissance

Following the exploit, two of the compromised devices then started to conduct internal reconnaissance activity. The following figure shows a spike in the number of internal connections made by one of the compromised devices on the customer’s environment, which typically indicates a network scan.

Advanced Search results of internal connections made an affected device.
Figure 2: Advanced Search results of internal connections made an affected device.

Reconnaissance tools such as Advanced Port Scanner (“www[.]advanced-port-scanner[.]com”) and Nmap were also seen being used by one of the devices to conduct scanning activities. Nmap is a network scanning tool commonly used by security teams for legitimate purposes like network diagnostics and vulnerability scanning. However, it can also be abused by threat actors to perform network reconnaissance, a technique known as Living off the Land (LotL). This not only reduces the need for custom or external tools but also reduces the risk of exposure, as the use of a legitimate tool in the network is unlikely to raise suspicion.

Privilege Escalation

In another affected customer network, the threat actor’s attempt to escalate their privileges was also observed, as a FortiClient EMS device was seen with an unusually large number of SMB/NTLM login failures, indicative of brute force activity. This attempt was successful, and the device was later seen authenticating with the credential “administrator”.

Figure 3: Advanced Search results of NTLM (top) and SMB (bottom) login failures.

Lateral Movement

After escalating privileges, attempts to move laterally throughout the same network were seen. One device was seen transferring the file “PSEXESVC.exe” to another device over SMB. This file is associated with PsExec, a command-line tool that allows for remote execution on other systems.

The threat actor was also observed leveraging the DCE-RPC protocol to move laterally within the network. Devices were seen with activity such as an increase in new RPC services, unusual requests to the SVCCTL endpoint, and the execution of WMI commands. The DCE-RPC protocol is typically used to facilitate communication between services on different systems and can allow one system to request services or execute commands on another.

These are further examples of LotL techniques used by threat actors exploiting CVE-2023-48788, as PsExec and the DCE-RPC protocol are often also used for legitimate administrative operations.

Accomplish Mission

In most cases, the threat actor’s end goal was not clearly observed. However, Darktrace did detect one instance where an unusually large volume of data had been uploaded to “put[.]io”, a cloud storage service, indicating that the end goal of the threat actor had been to steal potentially sensitive data.

In a recent investigation of a Medusa ransomware incident that took place in July 2024, Darktrace’s Threat Research team found that initial access to the environment had likely been gained through a FortiClient EMS device. An incoming connection from 209.15.71[.]121 over port 8013 was seen, suggesting that CVE-2023-48788 had been exploited. The device had been compromised almost three weeks before the ransomware was actually deployed, eventually resulting in the encryption of files.

Mitigating risk with proactive exposure management and real-time detection

Threat actors have continued to exploit unpatched vulnerabilities in internet-facing systems to gain initial access to a network. This highlights the importance of addressing and patching vulnerabilities as soon as they are disclosed and a fix is released. However, due to the rapid nature of exploitation, this may not always be enough. Furthermore, threat actors may even be exploiting vulnerabilities that are not yet publicly known.

As the end goals for a threat actor can differ – from data exfiltration to deploying ransomware – the post-exploitation behavior can also vary from actor to actor. However, AI security tools such as Darktrace / NETWORK can help identify and alert for post-exploitation behavior based on abnormal activity seen in the network environment.

Despite CVE-2023-48788 having been publicly disclosed and fixed in March, it appears that multiple threat actors, such as the Medusa ransomware group, have continued to exploit the vulnerability on unpatched systems. With new vulnerabilities being disclosed almost every other day, security teams may find it challenging continuously patch their systems.

As such, Darktrace / Proactive Exposure Management could also alleviate the workload of security teams by helping them identify and prioritize the most critical vulnerabilities in their network.

Insights from Darktrace’s First 6: Half-year threat report for 2024

First 6: half year threat report darktrace screenshot

Darktrace’s First 6: Half-Year Threat Report 2024 highlights the latest attack trends and key threats observed by the Darktrace Threat Research team in the first six months of 2024.

  • Focuses on anomaly detection and behavioral analysis to identify threats
  • Maps mitigated cases to known, publicly attributed threats for deeper context
  • Offers guidance on improving security posture to defend against persistent threats

Appendices

Credit to Emily Megan Lim (Cyber Security Analyst) and Ryan Traill (Threat Content Lead)

References

[1] https://nvd.nist.gov/vuln/detail/CVE-2023-48788

[2] https://www.horizon3.ai/attack-research/attack-blogs/cve-2023-48788-fortinet-forticlientems-sql-injection-deep-dive/

[3] https://redcanary.com/blog/threat-intelligence/cve-2023-48788/

[4] https://www.fortinet.com/blog/threat-research/teamcity-intrusion-saga-apt29-suspected-exploiting-cve-2023-42793

[5] https://redcanary.com/blog/threat-intelligence/cve-2023-48788/

[6] https://urlscan.io/result/3678b9e2-ad61-4719-bcef-b19cadcdd929/

List of IoCs

IoC - Type - Description + Confidence

  • 212.32.243[.]25/SETUP.MSI - URL - Payload
  • 89.149.200[.]9/SETUP.MSI - URL - Payload
  • 212.113.106[.]100/setup.msi - URL - Payload
  • 95.181.173[.]172/run.zip - URL - Payload
  • serv1[.]api[.]9hits[.]com - Domain - Likely C2 endpoint
  • 128.199.207[.]131 - IP - Likely C2 endpoint
  • azure-documents[.]com - Domain - C2 endpoint
  • 104.168.140[.]84 - IP - C2 endpoint
  • 77.246.103[.]110 - IP - Likely C2 endpoint
  • 212.113.106[.]100 - IP - C2 endpoint

Darktrace Model Detections

Anomalous Connection / Callback on Web Facing Device

Anomalous Connection / Multiple HTTP POSTs to Rare Hostname

Anomalous Connection / New User Agent to IP Without Hostname

Anomalous Connection / Posting HTTP to IP Without Hostname

Anomalous Connection / Powershell to Rare External

Anomalous Connection / Rare External SSL Self-Signed

Anomalous Connection / Suspicious Self-Signed SSL

Anomalous Server Activity / Rare External from Server

Anomalous Server Activity / New User Agent from Internet Facing System

Anomalous Server Activity / Server Activity on New Non-Standard Port - External

Compliance / Remote Management Tool On Server

Device / New User Agent

Device / New PowerShell User Agent

Device / Attack and Recon Tools

Device / ICMP Address Scan

Device / Network Range Scan

Device / Network Scan

Device / RDP Scan

Device / Suspicious SMB Scanning Activity

Anomalous Connection / Multiple SMB Admin Session

Anomalous Connection / New or Uncommon Service Control

Anomalous Connection / Unusual Admin SMB Session

Device / Increase in New RPC Services

Device / Multiple Lateral Movement Breaches

Device / New or Uncommon WMI Activity

Device / New or Unusual Remote Command Execution

Device / SMB Lateral Movement

Device / Possible SMB/NTLM Brute Force

Unusual Activity / Successful Admin Brute-Force Activity

User / New Admin Credentials on Server

Unusual Activity / Enhanced Unusual External Data Transfer

Unusual Activity / Unusual External Data Transfer

Unusual Activity / Unusual External Data to New Endpoint

Device / Large Number of Model Breaches

Device / Large Number of Model Breaches from Critical Network Device

MITRE ATT&CK Mapping

Tactic – ID: Technique

Initial Access – T1190: Exploit Public-Facing Application

Resource Development – T1587.003: Develop Capabilities: Digital Certificates

Resource Development – T1608.003: Stage Capabilities: Install Digital Certificate

Command and Control – T1071.001: Application Layer Protocol: Web Protocols

Command and Control – T1219: Remote Access Software

Execution – T1059.001: Command and Scripting Interpreter: PowerShell

Reconnaissance – T1595: Active Scanning

Reconnaissance – T1590.005: Gather Victim Network Information: IP Addresses

Discovery – T1046: Network Service Discovery

Credential Access – T1110: Brute Force

Defense Evasion,Initial Access,Persistence,Privilege Escalation – T1078: Valid Accounts

Lateral Movement – T1021.002: Remote Services: SMB/Windows Admin Shares

Lateral Movement – T1021.003: Remote Services: Distributed Component Object Model

Execution – T1569.002: System Services: Service Execution

Execution – T1047: Windows Management Instrumentation

Exfiltration – T1041: Exfiltration Over C2 Channel

Exfiltration – T1567.002: Exfiltration Over Web Service: Exfiltration to Cloud Storage

Inside the SOC
Darktrace cyber analysts are world-class experts in threat intelligence, threat hunting and incident response, and provide 24/7 SOC support to thousands of Darktrace customers around the globe. Inside the SOC is exclusively authored by these experts, providing analysis of cyber incidents and threat trends, based on real-world experience in the field.
Written by
Emily Megan Lim
Cyber Analyst

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November 28, 2025

From Amazon to Louis Vuitton: How Darktrace Detects Black Friday Phishing Attacks

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Why Black Friday Drives a Surge in Phishing Attacks

In recent years, Black Friday has shifted from a single day of online retail sales and discounts to an extended ‘Black Friday Week’, often preceded by weeks of online hype. During this period, consumers are inundated with promotional emails and marketing campaigns as legitimate retailers compete for attention.

Unsurprisingly, this surge in legitimate communications creates an ideal environment for threat actors to launch targeted phishing campaigns designed to mimic legitimate retail emails. These campaigns often employ social engineering techniques that exploit urgency, exclusivity, and consumer trust in well-known brands, tactics designed to entice recipients into opening emails and clicking on malicious links.

Additionally, given the seasonal nature of Black Friday and the ever-changing habits of consumers, attackers adopt new tactics and register fresh domains each year, rather than reusing domains previously flagged as spam or phishing endpoints. While this may pose a challenge for traditional email security tools, it presents no such difficulty for Darktrace / EMAIL and its anomaly-based approach.

In the days and weeks leading up to ‘Black Friday’, Darktrace observed a spike in sophisticated phishing campaigns targeting consumers, demonstrating how attackers combine phycological manipulation with technical evasion to bypass basic security checks during this high-traffic period. This blog showcases several notable examples of highly convincing phishing emails detected and contained by Darktrace / EMAIL in mid to late November 2025.

Darktrace’s Black Friday Detections

Brand Impersonation: Deal Watchdogs’ Amazon Deals

The impersonation major online retailers has become a common tactic in retail-focused attacks, none more so than Amazon, which ranked as the fourth most impersonated brand in 2024, only behind Microsoft, Apple, Google, and Facebook [1]. Darktrace’s own research found Amazon to be the most mimicked brand, making up 80% of phishing attacks in its analysis of global consumer brands.

When faced with an email that appears to come from a trusted sender like Amazon, recipients are far more likely to engage, increasing the success rate of these phishing campaigns.

In one case observed on November 16, Darktrace detected an email with the subject line “NOW LIVE: Amazon’s Best Early Black Friday Deals on Gadgets Under $60”. The email was sent to a customer by the sender ‘Deal Watchdogs’, in what appeared to be an attempt to masquerade as a legitimate discount-finding platform. No evidence indicated that the company was legitimate. In fact, the threat actor made no attempt to create a convincing name, and the domain appeared to be generated by a domain generation algorithm (DGA), as shown in Figure 2.

Although the email was sent by ‘Deal Watchdogs’, it attempted to impersonate Amazon by featuring realistic branding, including the Amazon logo and a shade of orange similar to that used by them for the ‘CLICK HERE’ button and headline text.

Figure 1: The contents of the email observed by Darktrace, featuring authentic-looking Amazon branding.

Darktrace identified that the email, marked as urgent by the sender, contained a suspicious link to a Google storage endpoint (storage.googleapis[.]com), which had been hidden by the text “CLICK HERE”. If clicked, the link could have led to a credential harvester or served as a delivery vector for a malicious payload hosted on the Google storage platform.

Fortunately, Darktrace immediately identified the suspicious nature of this email and held it before delivery, preventing recipients from ever receiving or interacting with the malicious content.

Figure 2: Darktrace / EMAIL’s detection of the malicious phishing email sent to a customer.

Around the same time, Darktrace detected a similar email attempting to spoof Amazon on another customer’s network with the subject line “Our 10 Favorite Deals on Amazon That Started Today”, also sent by ‘Deal Watchdogs,’ suggesting a broader campaign.

Analysis revealed that this email originated from the domain petplatz[.]com, a fake marketing domain previously linked to spam activity according to open-source intelligence (OSINT) [2].

Brand Impersonation: Louis Vuitton

A few days later, on November 20, Darktrace / EMAIL detected a phishing email attempting to impersonate the luxury fashion brand Louis Vuitton. At first glance, the email, sent under the name ‘Louis Vuitton’ and titled “[Black Friday 2025] Discover Your New Favorite Louis Vuitton Bag – Elegance Starts Here”, appeared to be a legitimate Black Friday promotion. However, Darktrace’s analysis uncovered several red flags indicating a elaborate brand impersonation attempt.

The email was not sent by Louis Vuitton but by rskkqxyu@bookaaatop[.]ru, a Russia-based domain never before observed on the customer’s network. Darktrace flagged this as suspicious, noting that .ru domains were highly unusual for this recipient’s environment, further reinforcing the likelihood of malicious intent. Subsequent analysis revealed that the domain had only recently registered and was flagged as malicious by multiple OSINT sources [3].

Figure 3: Darktrace / EMAIL’s detection of the malicious email attempting to spoofLouis Vuitton, originating from a suspicious Russia-based domain.

Darktrace further noted that the email contained a highly suspicious link hidden behind the text “View Collection” and “Unsubscribe,” ensuring that any interaction, whether visiting the supposed ‘handbag store’ or attempting to opt out of marketing emails, would direct recipients to the same endpoint. The link resolved to xn--80aaae9btead2a[.]xn--p1ai (топааабоок[.]рф), a domain confirmed as malicious by multiple OSINT sources [4]. At the time of analysis, the domain was inaccessible, likely due to takedown efforts or the short-lived nature of the campaign.

Darktrace / EMAIL blocked this email before it reached customer inboxes, preventing recipients from interacting with the malicious content and averting any disruption.

Figure 4: The suspicious domain linked in the Louis Vuitton phishing email, now defunct.

Too good to be true?

Aside from spoofing well-known brands, threat actors frequently lure consumers with “too good to be true” luxury offers, a trend Darktrace observed in multiple cases throughout November.

In one instance, Darktrace identified an email with the subject line “[Black Friday 2025] Luxury Watches Starting at $250.” Emails contained a malicious phishing link, hidden behind text like “Rolex Starting from $250”, “Shop Now”, and “Unsubscribe”.

Figure 5: Example of a phishing email detected by Darktrace, containing malicious links concealed behind seemingly innocuous text.

Similarly to the Louis Vuitton email campaign described above, this malicious link led to a .ru domain (hxxps://x.wwwtopsalebooks[.]ru/.../d65fg4er[.]html), which had been flagged as malicious by multiple sources [5].

Figure 6: Darktrace / EMAIL’s detection of a malicious email promoting a fake luxury watch store, which was successfully held from recipient inboxes.

If accessed, this domain would redirect users to luxy-rox[.]com, a recently created domain (15 days old at the time of writing) that has also been flagged as malicious by OSINT sources [6]. When visited, the redirect domain displayed a convincing storefront advertising high-end watches at heavily discounted prices.

Figure 7: The fake storefront presented upon visiting the redirectdomain, luxy-rox[.]com.

Although the true intent of this domain could not be confirmed, it was likely a scam site or a credential-harvesting operation, as users were required to create an account to complete a purchase. As of the time or writing, the domain in no longer accessible .

This email illustrates a layered evasion tactic: attackers employed multiple domains, rapid domain registration, and concealed redirects to bypass detection. By leveraging luxury branding and urgency-driven discounts, the campaign sought to exploit seasonal shopping behaviors and entice victims into clicking.

Staying Protected During Seasonal Retail Scams

The investigation into these Black Friday-themed phishing emails highlights a clear trend: attackers are exploiting seasonal shopping events with highly convincing campaigns. Common tactics observed include brand impersonation (Amazon, Louis Vuitton, luxury watch brands), urgency-driven subject lines, and hidden malicious links often hosted on newly registered domains or cloud services.

These campaigns frequently use redirect chains, short-lived infrastructure, and psychological hooks like exclusivity and luxury appeal to bypass user scepticism and security filters. Organizations should remain vigilant during retail-heavy periods, reinforcing user awareness training, link inspection practices, and anomaly-based detection to mitigate these evolving threats.

Credit to Ryan Traill (Analyst Content Lead) and Owen Finn (Cyber Analyst)

Appendices

References

1.        https://keepnetlabs.com/blog/top-5-most-spoofed-brands-in-2024

2.        https://www.virustotal.com/gui/domain/petplatz.com

3.        https://www.virustotal.com/gui/domain/bookaaatop.ru

4.        https://www.virustotal.com/gui/domain/xn--80aaae9btead2a.xn--p1ai

5.        https://www.virustotal.com/gui/url/e2b868a74531cd779d8f4a0e1e610ec7f4efae7c29d8b8ab32c7a6740d770897?nocache=1

6.        https://www.virustotal.com/gui/domain/luxy-rox.com

Indicators of Compromise (IoCs)

IoC – Type – Description + Confidence

petplatz[.]com – Hostname – Spam domain

bookaaatop[.]ru – Hostname – Malicious Domain

xn--80aaae9btead2a[.]xn--p1ai (топааабоок[.]рф) – Hostname - Malicious Domain

hxxps://x.wwwtopsalebooks[.]ru/.../d65fg4er[.]html) – URL – Malicious Domain

luxy-rox[.]com – Hostname -  Malicious Domain

MITRE ATT&CK Mapping  

Tactic – Technique – Sub-Technique  

Initial Access - Phishing – (T1566)  

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About the author
Ryan Traill
Analyst Content Lead

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November 28, 2025

Phishing attacks surge by 620% in the lead-up to Black Friday

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Black Friday deals are rolling in, and so are the phishing scams

As the world gears up for Black Friday and the festive shopping season, inboxes flood with deals and delivery notifications, creating a perfect storm for phishing attackers to strike.

Contributing to the confusion, legitimate brands often rely on similar urgency cues, limited-time offers, and high-volume email campaigns used by scammers, blurring the lines between real deals and malicious lookalikes. While security teams remain extra vigilant during this period, the risk of phishing emails slipping in unnoticed remains high, as does the risk of individuals clicking to take advantage of holiday shopping offers.

Analysis conducted by Darktrace’s global analyst team revealed that phishing attacks taking advantage of Black Friday jumped by 620% in the weeks leading up to the holiday weekend, with the volume of phishing attacks expected to jump a further 20-30% during Black Friday week itself.

First observation: Brand impersonation

Brand impersonation was one of the techniques that stood out, with threat actors creating convincing emails – likely assisted by generative AI – purporting to be from household brands including special offers and promotions.

The week before Thanksgiving (15-21 November) saw 201% more phishing attempts mimicking US retailers than the same week in October, as attackers sought to profit off the back of the busy holiday shopping season. It’s not just about volume, either – attackers are spoofing brands people love to shop with during the holidays. Fake emails that look like they’re from well-known retailers like Macy’s, Walmart, and Target were up by 54% just across last week1. Even so, Amazon is the most impersonated brand, making up 80% of phishing attempts in Darktrace’s analysis of global consumer brands like Apple, Alibaba and Netflix.  

While major brands invest heavily in protecting their organizations and customers from cyber-attacks, impersonation is a complicated area as it falls outside of a brand’s legitimate infrastructure and security remit. Retail brands have a huge attack surface, creating plenty of vectors for impersonation, while fake domains, social profiles, and promotional messages can be created quickly and at scale.

Second observation: Fake marketing domains

One prominent Black Friday phishing campaign observed landing in many inboxes uses fake domains purporting to be from marketing sites, like “Pal.PetPlatz.com” and “Epicbrandmarketing.com”.

These emails tend to operate in one of two ways. Some contain “deals” for luxury items such as Rolex watches or Louis Vuitton handbags, designed to tempt readers into clicking. However, the majority are tied to a made-up brand called Deal Watchdogs, which promotes “can’t-miss” Amazon Black Friday offers – designed to lure readers into acting fast to secure legitimate time-sensitive deals. Any user who clicks a link is taken to a fake Amazon website where they are tricked into inputting sensitive data and payment details.

Third observation: The impact of generative AI

The biggest shift seen in phishing in recent years is how much more convincing scam emails are thanks to generative AI. 27% of phishing emails observed by Darktrace in 2024 contained over 1,000 characters2, suggesting LLM use in their creation. Tools like ChatGPT and Gemini lower the barrier to entry for cyber-criminals, allowing them to create phishing campaigns that humans find it difficult to spot.  

Let’s take a look at a dummy email created by a member of our team without a technical background to illustrate how easy it is to spin up an email that looks and feels like a genuine Black Friday offer. With two prompts, generative AI created a convincing “sale” email that could easily pass as the real thing without requiring any technical skill.

A fake Black Friday deal email created using generative AI, with only two prompts. The image has been pixelated for marketing purposes.

Anyone can now create convincing brand spoofs, and they can do it at scale. That makes it even more important for email users to pause, check the sender, and think before they click.

Why phishing scams hurt consumers and brands

These spoofs don’t just drain shoppers’ bank accounts and grab their personal data. They erode trust, drive people away from real sites, and ultimately hurt brands’ sales. And the fakes keep getting sharper, more convincing, and harder to spot.

Though brands should implement email controls like DMARC to help reduce spoofing, they can’t stop attackers from registering new look-alike domains or using other channels. At the end of the day, human users remain vulnerable to well-crafted scams, particularly when the element of trust from a well-known brand is involved. And while brands can’t prevent all impersonation scams, the fallout can still erode consumer trust and damage their reputation.

In order to limit the impact of these scams, two things need to work together: better education so consumers know when to slow down and look twice, and email security (plus a DMARC solution and an attack surface management tool) that can adapt faster than the attackers – protecting both shoppers and the brands they love.

Tips to stay safe while Black Friday shopping online

On top of retailers implementing robust email security, there are some simple steps shoppers can take to stay safer while shopping this holiday season.

  • Check every website (twice). Scammers make tiny changes you can barely see. They’ll switch Walmart.com for Waimart.com and most people won’t notice. If something looks even slightly off, check the URL carefully and, if you’re unsure, search for reviews of that exact address.
  • Santa keeps the real gifts in the workshop. Don’t just click through from sales emails. Use them as a prompt to log in directly to the official app or site, where any genuine notifications will appear.
  • Look at the payment options. Real retailers usually offer a handful of recognizable ways to pay; if a site pushes only odd methods or upfront transfers, don’t use it.
  • Be skeptical of Christmas miracles. If a deal on a big-ticket item looks too good to be true, it usually is.
  • Leave the rushing to the elves. Countdown timers and “last chance” banners are designed to make you click before you think. Take a breath, double-check the sender and the site, and then decide whether to buy.

Email security you can trust this holiday season

The heightened holiday shopping season shines a spotlight on an uncomfortable reality: now that phishing emails are harder than ever to distinguish from legitimate brand communication, traditional spam filters and Secure Email Gateways struggle to keep up. In order to protect against communication-based attacks, organizations require email security that can evaluate the full context of an email – not just surface-level indicators – and stop malicious messages before they reach inboxes.

Darktrace / EMAIL uses Self-Learning AI to understand the behavior and patterns of every user, so it can detect the subtle inconsistencies that reveal a message isn’t genuine, from shifts in tone and writing style to unexpected links, unfamiliar senders, or off-brand visual cues. By identifying these anomalies automatically – and either holding them entirely, or neutralizing malicious elements – it removes the burden from employees to catch near-imperceptible errors and reinforces protection for the entire organization, from staff to customers to brand reputation.

Join our live broadcast on 9 December, where Darktrace will reveal new, industry-first innovations in email security keeping organizations safe this Christmas – from DMARC to DLP. Sign up to the live launch event now.

For a deeper dive into some specific Black Friday phishing campaigns surfaced by the Darktrace threat analysis team, read the follow-up blog here.

A note on methodology

Insights derive from anonymous live data across 6,500 customers protected by Darktrace / EMAIL. Darktrace created models tracking verified phishing emails that:

  • Explicitly mentioned Black Friday
  • Impersonated US retailers popular during the holiday season (Walmart, Target, Best Buy, Macy's, Old Navy, 1800-Flowers)
  • Impersonated major global brands (Apple, eBay, Netflix, Alibaba and PayPal)

Tracking ran from October 1 to November 21.

References

[1] Based on live tracking of phishing emails spoofing Walmart, Target, Best Buy, Macy's, Old Navy, 1800-Flowers across email inboxes protected by Darktrace.  November 15 – November 21, 2025

[2] Based on analysis of 30.4 million phishing emails between December 21, 2023, and December 18, 2024. Darktrace Annual Threat Report 2024.

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About the author
Carlos Gray
Senior Product Marketing Manager, Email
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