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
Uganda is so poor that few can afford medical care, giving it one of the lowest life-expectancies on the planet — this toxic combination made the country ripe for infiltration by Tiens, a Chinese Multi-Level-Marketing “nutritional supplements” cult whose members set up fake medical clinics that diagnose fake ailments and proscribe fake medicines, then rope […]
Yahoo’s sale to Verizon means that Yahoo’s sub-companies — Flickr, Tumblr and a host of others — are now divisions of a phone company, and as you might expect, being on the payroll of a notorious neutracidal maniac with a long history of sleazy, invasive, privacy-destroying, monopolistic, deceptive, anti-competitive, scumbag shakedowns has changed the public […]
What was last week posed as an indefinite leave of absence is now for good: Travis Kalanick, CEO of scandal-wracked rideshare company Uber, announced that he is leaving the company. “I love Uber more than anything in the world and at this difficult moment in my personal life I have accepted the investors request to […]
Although flagship smartphones are unlikely to adopt heavy-duty outer casing anytime soon, you can always prepare your device for the outdoors with a beefy case and and an external battery like this Nomad Tile Trackable PowerPack, available in the Boing Boing Store for $119.95.The Nomad Tile can fully recharge an iPhone 7 over three times […]
Even though credit cards now feature an EMV chip for securing transactions, they still have to include the magnetic strip for compatibility with older point of sale systems. Because of this, there’s no way for the chip’s new security capabilities to protect against card skimmers in the wild.How do you protect yourself from legacy-technology-induced fraud? […]
As the old saying goes, “You should sit in meditation for 30 minutes every day. Unless you are too busy, in which case you should meditate for an hour.” Since most of us have an endless list of things to do and people to see, carving out quiet time can feel impossible, especially when most […]