The attack dominating financial services doesn't steal passwords. It resets MFA and steals the token.

Financial services organizations face a critical paradigm shift in attack sophistication: adversaries are bypassing traditional password-based security by exploiting MFA reset procedures, social engineering support staff, and token theft through legitimate authentication flows—making traditional MFA-centric defenses insufficient. CrowdStrike, FBI, and Verizon data confirm that credential theft has dropped to 13% of breach vectors while token-based attacks and social engineering dominate, with financial services experiencing 43-48% increases in hands-on-keyboard intrusions and 27% more ransomware victims. IT organizations must fundamentally redesign identity security strategies beyond password and MFA protection to include device authentication controls, privileged access management for support functions, and detection capabilities for token exploitation.