A recent EvilTokens campaign targeting businesses across the US and Europe is exposing a new email security blind spot. This “ghost phishing” technique keeps the malicious page hidden until it decrypts and comes to life inside the victim’s browser. For security leaders, the risk is clear: traditional URL checks may miss the attack while Microsoft 365 access, sensitive data, and response time are already at stake. The Email Looks Safe. The Browser Tells a Different Story A recent EvilTokens attack shows how a phishing link can appear harmless during initial inspection while still leading to Microsoft 365 account takeover. The kit uses Microsoft Device Code Phishing to convince victims to complete a legitimate Microsoft login flow and unknowingly authorize access to their accounts. It does not need to steal the password directly. The real attack remains hidden until the page opens in the browser. Its HTML is encrypted with AES-GCM and becomes visible only after the browser decrypts it and renders the phishing content in the DOM. As a result, static URL checks and network-level controls may capture the initial response without seeing what the employee actually sees. This visibility gap can lead to: - Longer exposure to the Microsoft 365 account takeover - Delayed containment and response decisions - Unauthorized access to corporate email, files, and cloud services - More uncertain alerts escalated to senior analysts - Higher investigation workload and operational costs - Incomplete evidence for blocking related infrastructure The complete attack flow, however, was uncovered inside ANY.RUN’s Interactive Sandbox. Explore the analysis session to see what the browser revealed and how teams can use this evidence to respond faster. Check recent EvilTokens attack and get relevant IOCs | Complicated ghost phishing revealed inside ANY.RUN’s sandbox | Where Ghost Phishing Is Hitting Hardest ANY.RUN’s Threat Intelligence shows recent