Bruce Schneier comments on an NYT report on cybercrime that shows that there's just not much money to be had in being a ripoff artist. Dinei Florêncio and Cormac Herley wrote:
A cybercrime where profits are slim and competition is ruthless also offers simple explanations of facts that are otherwise puzzling. Credentials and stolen credit-card numbers are offered for sale at pennies on the dollar for the simple reason that they are hard to monetize. Cybercrime billionaires are hard to locate because there aren’t any. Few people know anyone who has lost substantial money because victims are far rarer than the exaggerated estimates would imply.
The authors frame cybercrime as a "tragedy of the commons," where the overfishing (overphishing) by crooks has reduced everyone's margins to nothing, making it hard graft indeed. Meanwhile, cybercrime estimates are subject to the same lobbynomics used to calculate losses from music downloading and profits from drug seizures:
Suppose we asked 5,000 people to report their cybercrime losses, which we will then extrapolate over a population of 200 million. Every dollar claimed gets multiplied by 40,000. A single individual who falsely claims $25,000 in losses adds a spurious $1 billion to the estimate. And since no one can claim negative losses, the error can't be canceled.
Cybercrime as a Tragedy of the Commons
BMG Rights Management and Round Hill Music. has been trying to enlist Cox Cable as an accomplice in a copyright trolling scheme, demanding that the company pass on copyright infringement notices that accuse users of downloading music and order them to pay large sums of music or face punishing lawsuits.
In 2014, Britain strode boldly into the late 20th century, finally legalising “private copying” — ripping CDs, taping LPs, recording TV shows, backing up your ebooks and games — but now it’s thought better of the move.
Martin Shkreli, the hedge-fund douche-bro who hiked the price of an off-patent drug used by AIDS and cancer patients from $13.50 to $750, then promised to lower the prices after becoming the Most Hated Man on the Internet did no such thing, because he is a liar.
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