Phishing attacks remain a prevalent vector for cybercriminals to harvest a wide range of sensitive data, including login credentials, personal identifiable information (PII), payment card details, and biometric data. Attackers deploy carefully crafted phishing sites or abuse legitimate platforms like Google Forms to deceive victims into submitting their data. Once harvested, the data is transmitted via email, Telegram bots, or admin panels to cybercriminal groups. Rather than immediate exploitation, stolen data is aggregated into large datasets and sold cheaply on dark web forums. Subsequent buyers, often analysts or hackers, verify and categorize the data, checking for validity and cross-referencing with previous breaches. Verified data is then resold at higher prices on dark web marketplaces and Telegram channels, with prices influenced by factors such as account age, presence of 2FA, and linked financial information. This creates a shadow market ecosystem where data circulates for years, enabling repeat attacks including identity theft, financial fraud, social engineering, and targeted phishing campaigns. The most valuable data includes bank and cryptocurrency accounts, e-government portals, and social media credentials. Attackers leverage this data to craft convincing spear-phishing emails, impersonate trusted contacts, and launch extortion attempts. The report emphasizes that phishing victims should immediately change compromised passwords, enable strong 2FA methods (preferably authenticator apps over SMS), monitor active sessions, and use password managers to maintain unique, complex passwords. The threat landscape is exacerbated by the reuse of passwords and the growing sophistication of phishing campaigns, including AI-assisted scams. Organizations and individuals alike must maintain vigilance and adopt layered defenses to mitigate the ongoing risks posed by phishing and the subsequent data trafficking on shadow markets.

European organizations are at significant risk from the cascading effects of phishing attacks due to the widespread use of online banking, e-government services, and digital communication platforms. Compromised credentials can lead to unauthorized access to corporate and personal accounts, resulting in data breaches, financial losses, and reputational damage. Identity theft facilitated by stolen personal documents can disrupt business operations and lead to regulatory penalties under GDPR for failure to protect personal data. The resale and reuse of stolen data enable attackers to conduct highly targeted spear-phishing campaigns against employees, increasing the likelihood of successful intrusions and lateral movement within networks. Financial institutions and e-government portals are particularly attractive targets, potentially impacting critical infrastructure and public trust. The proliferation of stolen data on Telegram and dark web marketplaces complicates detection and response efforts, as attackers can rapidly adapt and launch new campaigns. Additionally, the use of biometric data for deepfakes and 2FA bypass techniques poses emerging threats to authentication mechanisms. Overall, the threat undermines confidentiality and integrity of sensitive information, disrupts availability through potential account takeovers, and increases the attack surface for European organizations.

European organizations should implement multi-layered defenses tailored to the phishing threat lifecycle. Deploy advanced email filtering and URL scanning solutions that incorporate AI-based detection to identify and block phishing attempts before reaching users. Conduct regular, targeted phishing awareness training emphasizing the identification of sophisticated phishing tactics, including fake domains and social engineering. Enforce strict password policies mandating unique, complex passwords and encourage the use of enterprise-grade password managers to prevent reuse. Mandate the use of strong two-factor authentication methods, prioritizing authenticator apps or hardware tokens over SMS-based 2FA to mitigate interception risks. Implement continuous monitoring of account activity and active sessions, with automated alerts for anomalous logins or unfamiliar devices. Establish incident response protocols for rapid containment, including immediate credential resets and communication with affected users. Monitor dark web and Telegram channels for leaked corporate credentials and personal data to enable proactive threat intelligence and remediation. Collaborate with financial institutions and law enforcement to report and respond to fraud attempts. Finally, consider adopting passkeys or other phishing-resistant authentication technologies where feasible, while preparing for their operational challenges.