A Large-Scale Study of Phishing PDF Documents

Phishing PDFs are malicious PDF documents that do not embed malware but trick victims into visiting malicious web pages leading to password theft or drive-by downloads. While recent reports indicate a surge of phishing PDFs, prior works have largely neglected this new threat, positioning phishing PDFs as accessories distributed via email phishing campaigns. This paper challenges this belief and presents the first systematic and comprehensive study centered on phishing PDFs. Starting from a real-world dataset, we first identify 44 phishing PDF campaigns via clustering and characterize them by looking at their volumetric, temporal, and visual features. Among these, we identify three large campaigns covering 89% of the dataset, exhibiting significantly different volumetric and temporal properties compared to classical email phishing, and relying on web UI elements as visual baits. Finally, we look at the distribution vectors and show that phishing PDFs are not only distributed via attachments but also via SEO attacks, placing phishing PDFs outside the email distribution ecosystem. This paper also assesses the usefulness of the VirusTotal scoring system, showing that phishing PDFs are ranked considerably low, creating a blind spot for organizations. While URL blocklists can help to prevent victims from visiting the attack web pages, PDF documents seem not subjected to any form of content-based filtering or detection