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
Protesters angry over proposed layoffs stormed an Air France executive meeting and cornered Director Pierre Plissonnier and Resources Director Xavier Broseta, tearing off the men’s jackets and ripping their shirts off, forcing them to scale a fence to get free.
Maciej Cegłowski’s posted another of his barn-burning speeches about the Internet’s problems, their origins and their solutions (previously), a talk from the Fremtidens Internet conference in Copenhagen called “What Happens Next Will Amaze You.”
Larkin Jones is a hardcore Pokemon fan who loses money every year on his annual Pokemon PAX party; he makes up the shortfall from his wages managing a cafe. This year, Pokémon Company International sued him and told him that even though he’d cancelled this year’s party, they’d take everything he had unless he paid […]
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