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Published by CyberDudeBivash Pvt Ltd · APAC Financial Intelligence Lab

Financial Fraud · Payroll Hijacking · Silver Fox Campaign

Warning for Indian CFOs: The ‘Silver Fox’ Phishing Campaign That Backdoors Your Payroll in Seconds.

By CyberDudeBivash

Founder, CyberDudeBivash Pvt Ltd · APAC Threat Intel Lead

The Intelligence Reality: Indian CFOs are currently in the crosshairs of a highly sophisticated espionage and fraud campaign codenamed “Silver Fox.” Unlike generic phishing, this campaign uses high-fidelity social engineering tailored to Indian tax and payroll cycles, weaponizing AI-generated lures to bypass traditional email filters.

In this CyberDudeBivash Intelligence Brief, we dissect the anatomy of a Silver Fox infection. If your finance team is still relying on OTPs or basic passwords for payroll access, you are already a victim in waiting. The “Silver Fox” doesn’t just steal data—it hijacks the payout logic of your ERP.

Inside This Intelligence Brief:

1. Anatomy of the Silver Fox TTPs

The Silver Fox campaign utilizes Adversary-in-the-Middle (AiTM) proxy kits to bypass Multi-Factor Authentication (MFA). The attack begins with a “High-Urgency” email regarding GST compliance or TDS revisions.

When the user clicks the link, they are directed to a perfect replica of the Microsoft 365 or Google Workspace login page. As the user enters their credentials and OTP, the Silver Fox proxy steals the Session Cookie in real-time. This allows the attacker to enter the corporate environment without ever needing a password again.

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2. The Payroll Backdoor Mechanism

Once inside the finance environment, Silver Fox actors don’t dump data immediately. They perform “Living-off-the-Land” (LotL) reconnaissance to locate the Payroll Processing Server or the ERP (SAP/Oracle/Tally) interface.

The goal is Automated Payout Manipulation. Attackers inject themselves into the vendor-master-file or employee-bank-details database. During the next payout cycle, a percentage of the payroll is silently diverted to a network of “mule” accounts across India.

3. The CyberDudeBivash CFO Mandate

To neutralize the Silver Fox, Indian CFOs must shift from “Compliance-based” security to “Threat-based” hardening. This mandate is non-negotiable for Tier 0 financial assets.

I. FIDO2 Hardware MandateBan SMS and App-based OTPs for the finance team. Only physical FIDO2 keys can stop AiTM session theft.

II. ERP MicrosegmentationIsolate your ERP/Payroll servers into a private VPC. Zero access from the general office Wi-Fi.

III. Dual-Control PayoutsImplement “Out-of-Band” verification for any change in bank account details in the master file.

IV. Session Persistence KillEnforce a 30-minute session timeout and mandatory re-auth for any payout execution.

GLOBAL THREAT TAGS:#CyberDudeBivash#ThreatWire#IndianCybersecurity#PayrollFraud#SilverFoxCampaign#PhishingAlertIndia#ZeroTrustIdentity#CFOStrategy#FinancialInfiltration#ERPSecurity

Expert FAQ: Indian Financial Risk

Q: Why is SMS-based OTP no longer safe for Indian Banks?

A: Silver Fox and other campaigns use AiTM proxies. When you enter the OTP on the fake site, the attacker’s script captures it and uses it on the real site within milliseconds. Physical hardware keys (FIDO2) are the only defense because they require a “Physical Touch” that cannot be proxied.

Q: How do we detect if a session has already been hijacked?

A: Look for anomalous “Impossible Travel” in your logs (e.g., a login from Mumbai followed by a session use from a foreign VPN IP 2 minutes later). Use CyberDudeBivash SessionShield for real-time hijacking detection.

Your Payroll is Your Perimeter.

If your organization is hit by a financial breach or requires an elite-level audit of your ERP security, reach out to CyberDudeBivash Pvt Ltd. We protect Indian enterprises from the world’s most sophisticated fraud actors.

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