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Security researchers have found a way to defeat the memory protections that Intel and AMD sell to cloud customers as their last line of defense against an untrusted host. The tool required costs less than a decent pair of headphones.
A team from KU Leuven, ETH Zurich, Durham University, and Google published details Sunday of an attack called DDRop, which exploits a fundamental design flaw in the memory encryption hardware powering confidential computing services at Amazon, Microsoft, and Google. It breaks protections in Intel Trust Domain Extensions (TDX), Intel Scalable SGX, and AMD Secure Encrypted Virtualization-Secure Nested Paging (SEV-SNP), the three technologies that allow cloud customers to run workloads that even the cloud provider cannot read.
The method does not require a software exploit. It requires a small custom-built circuit board, a brief window of physical access to the server, and knowledge of how DDR5 memory commands work. The researchers built their device for $159 in parts.
The Gap Nobody Patched
Confidential computing encrypts a server's working memory at all times. Even a cloud provider's own administrator sees only scrambled data. The problem DDRop exposes is that encryption is not the same thing as freshness. The processor can confirm that data in memory is encrypted. It cannot confirm that data is current. Stale data, so long as it was encrypted legitimately at some point in the past, will still decrypt correctly and raise no alarm.
DDRop turns that gap into an attack. A small interposer board sits between the processor and a DDR5 memory module. When the attacker wants to cancel a specific memory write, the interposer forces a parity error on the command bus. The memory module silently discards the write. The interposer then cuts the wire used to report that error, so the processor is never notified. Old data stays in memory. The system has no way to know the latest update never arrived.
This is the first active interposer attack to run on DDR5 at full bus speed. Earlier DDR5 research required slowing the memory bus down and could only listen passively. Previous active attacks that altered memory contents only worked on older DDR4 hardware, DDR5's redesigned command format blocked them. DDRop routes around that entirely by dropping writes rather than redirecting them.
What the Researchers Pulled Off
On an Intel TDX server, the team demonstrated four outcomes. By dropping writes to page tables during setup, they mapped an attacker's virtual machine onto any physical memory address, then read a victim machine's private memory in full. They also flipped a victim machine into debug mode, copied its memory in plaintext, and restored everything afterward with no trace of tampering.
The most consequential result was attestation forgery. Attestation is the mechanism a hospital or bank uses to verify that the virtual machine handling their data is the one they approved and has not been altered. With DDRop, an attacker's machine can pass that check as though it were a trusted one. A customer could be convinced they are talking to a secure, verified environment when they are not.
On AMD SEV-SNP, results were narrower the researchers copied the contents of one victim memory page into another but the underlying exposure is the same. Neither platform checks whether memory is fresh.
No Patch, No Timeline
Both Intel and AMD acknowledged DDRop through coordinated disclosure before publication and issued security advisories on September 14. Neither offered a mitigation timeline. Both drew the same line: because the attack requires physical access, it falls outside their published threat model for confidential computing. Intel said it will not assign a CVE.
The researchers are direct about why a software fix cannot solve this. The freshness check was deliberately left out. Scalable memory encryption trades freshness for the ability to protect the large amounts of memory that cloud servers require. A lasting fix would need new memory-encryption hardware capable of providing both integrity and freshness at scale. Intel has discussed a future proposal called cache-line versioning, but has not committed to a timeline and researchers say it is unclear whether it would stop DDRop anyway.
Short-term software measures restricting the memory management interfaces DDRop abuses, checking that critical writes completed, scanning for interposers at boot, can raise the bar without removing the root cause.
The researchers have no evidence DDRop has been used outside a lab. But the significance is what it proves is possible. Confidential computing is the technical promise that certain workloads stay private regardless of who owns the physical hardware. DDRop shows that promise has a physical boundary that can be crossed with $159 in components, a few minutes of access, and knowledge that a rogue data center employee, supply chain tamperer, or government compulsion order could all plausibly provide.
The full paper is scheduled for presentation at ACM CCS 2026 in November. Hardware designs, firmware, and proof-of-concept code are already on GitHub.
The Treasury Department’s Financial Crimes Enforcement Network (FinCEN) launched and alert to the financial industry besides a detailed study of over 33,000 cyber fraud cases reported between September 2023 and December 2025. According to the report, around $12.7 billion was stolen in a cryptocurrency investment scam from American victims in the US.
As per Treasury Department official Gene Lange, “The transnational criminal organizations behind these scams exploit both emerging technologies and human vulnerabilities, resulting in devastating financial losses for innocent American victims.”
The report is prepared on the basis of reports given by around 1,300 financial organizations and is linked to a 2023 alert from the Treasury about pig butchering scams. FinCen discovered that the rate of scam operations is rising as the schemes go beyond centers in Laos, Myanmar, and Cambodia.
Scammers use distinct profiles, from financial adviser to romantic partner, and force people into sending money, either via cryptocurrency or with traditional bank transfers.
Significant reports were received from cryptocurrency firms, which found around $5.5 billion in suspicious scam activity.
Traditional banks reported around $6.4 billion in possible friends, saying they “often detected schemes when a victim sent funds to an [financial institution] in the digital asset sector to purchase digital assets, or when a customer sent a wire transfer to a scam-affiliated beneficiary, frequently referencing digital asset investments.”
The report finds that few victims sent applications for second mortgages and loans as part of their involvement in a scam.
More financial institutions note thousands of incidents where targets liquidated their investment accounts to try wiring transfers or fund digital assess to scammer-related accounts. According to the report, “[A financial institution] involved in the digital assets sector reported an older adult victim transferred nearly $640,000 from her retirement fund to send to a suspected scammer in connection with an apparent digital asset investment scheme.”
“The victim stated she met an individual over social media who instructed her to invest in an apparently fictitious digital asset-related company.”
Another victim took out around $150,000 from his retirement account, withdrew credit on his home, and withdrew a personal loan to send the money to a scammer who pretended to be his digital romantic partner, and wanted to invest the money in a venture.
The filings noted the use of coins like USD Coin (USDC), Ethereum, and Tether (USDT), but 18 more coins were found in the reports.
When a phishing simulation returns a low click rate, security teams tend to relax. Leadership checks a compliance box. The program gets renewed. But a major new study suggests that sense of relief may be completely misplaced.
Oslo-based cybersecurity firm Pistachio released its Phishing Behaviour Report 2026 this week, built from 2.47 million simulated phishing attacks sent to more than 123,000 employees across 1,200-plus organizations between June 2025 and May 2026. The finding that runs through all of it: the click rate, which most phishing programs live and die by, is the wrong thing to measure.
"A low click rate can create a false sense of security," said Joe Jones, CEO and co-founder of Pistachio. "What matters more is what happens next: does the employee hand over credentials, recognize the attack and stop, or report it so the wider business can act?"
A click alone does nothing. Credentials do.
Clicking a phishing link causes no damage on its own. The actual risk begins when an employee submits a password or other sensitive information into a fake login page after clicking. That is the moment a simulated test becomes a real-world breach scenario, and it is largely what most phishing programs do not track.
On their very first simulated phishing exercise, more employees in the Pistachio study reported the suspicious email than clicked it. That sounds like good news. The problem is that 1.57% handed over their credentials anyway. In a company with 500 employees, that works out to roughly eight people who will submit login details to a convincing enough lure with zero prior exposure. Click rate metrics would not flag any of them.
Tech workers are not the safe bet they are assumed to be
One of the more uncomfortable findings in the report concerns employees who are expected to know better. Tech development workers clicked at least one simulated phishing attempt at a rate of 30.27%. IT workers were not far behind at 28.53%.
The assumption that technical employees carry lower phishing risk because they understand how attacks work does not hold up against the data. Understanding how phishing operates and catching a convincing one under inbox pressure are two different things.
Construction carries the most risk. Financial services carry the least.
The gap between industries was wider than most organization-wide risk scores would suggest. Construction workers showed the highest click rate of any department at 41.31% and the highest credential leak rate at 16.47%. Design workers, by contrast, clicked at just 26.35%.
Financial services employees topped every resilience category in the study, which carries some irony. Financial services accounted for 27.7% of all observed phishing attempts in 2025, making it one of the most targeted sectors on the internet. That sustained pressure, combined with strict regulatory requirements and mandatory security training, appears to have produced genuinely more vigilant employees at the individual level.
Health workers showed the lowest reporting rate of any department at 13.17%, despite a relatively low click rate. Logistics workers combined an above-average click rate with a below-average reporting rate of 17.11%. In both cases, the click rate alone would present a more reassuring picture than the full data supports.
Things get worse before they get better
Organizations running 12-month programs saw click rates and credential submission rates both rise through the first six months before declining. That initial rise reflects harder and more frequent testing rather than employees regressing. At the six-month mark, employees were receiving an average of 3.5 simulations per person, with 50.4% classified as hard difficulty.
From that six-month peak to the 12-month stage, clicks declined by 27% and credential leaks by 41%. The report-to-click ratio increased from 1.3 at three months to 1.8 at 12 months, indicating that suspicious messages were reported nearly twice as often as they were clicked by the end of the program.
Organizations that run a single phishing simulation and judge the program from that result are drawing conclusions from the noisiest and least reliable moment in the entire training cycle.
What to track instead
The report does not argue that click rates should be dropped entirely. It argues they should sit alongside credential submission rates and reporting rates, which together give a far more accurate picture of actual resilience. Making it easy for employees to report suspicious emails, through one-click tools and fast confirmation, converts the workforce into an active detection channel rather than a passive one.
NIST research found that 72% of organizations use phishing simulation click rates to gauge training effectiveness. By that measure, nearly three quarters of corporate security awareness programs are optimizing for an incomplete signal, in a threat environment where AI-driven phishing has pushed click rates among untrained employees to a record high of 54% in 2026.
The click rate was never the whole story. At this point, relying on it alone is a liability.