A new report from security researchers details the activities of ‘Jingle Thief’, a financially motivated threat group that operates almost entirely in cloud environments to conduct large-scale gift card fraud. Active since at least 2021, the group targets retail and consumer services organizations through phishing and smishing campaigns designed to steal Microsoft 365 credentials.[1]
Once inside, the attackers exploit cloud-based infrastructure to impersonate legitimate users, gain unauthorized access to sensitive data, and manipulate gift card issuance systems. With their campaigns focusing on mapping cloud networks, attackers can move laterally across accounts and avoid detection through stealthy tactics such as creating inbox rules, forwarding emails, and registering rogue authenticator apps to bypass MFA in M365.
Unlike traditional malware-driven attacks, Jingle Thief relies heavily on identity misuse, choosing to leverage stolen credentials instead of deploying custom payloads to blend in with normal user activity. This approach allows them to maintain access for many months while issuing or selling unauthorized gift cards for profit on gray markets.
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Credential phishing via smishing from the attacker’s infrastructure (Source: Unit 42) |
Researchers also observed a major wave of Jingle Thief activity between April and May 2025, during which the group compromised more than 60 user accounts within a single organization. The attackers conducted extensive reconnaissance in SharePoint and OneDrive, searching for financial workflows, IT documentation, and virtual machine configurations, all tied to gift card systems.
Exploiting cloud identities rather than endpoints furthers the trend of cloud-based cybercrime, where phished credentials and identity abuse enable financially motivated actors to scale operations while remaining under the radar. Jungle Thief’s campaign is a reminder to prioritize identity-based monitoring and cloud-native security measures that provide full visibility and real-time detection.
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Red Sky Alliance is a Cyber Threat Analysis and Intelligence Service organization. We provide indicators of compromise information via a notification service (RedXray) or an analysis service (CTAC). For questions, comments or assistance, please contact the office directly at 1-844-492-7225, or feedback@redskyalliance.com
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[1] https://www.sentinelone.com/blog/the-good-the-bad-and-the-ugly-in-cybersecurity-week-43-7/
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