A profitless endeavor: phishing as tragedy of the commons

@inproceedings{Herley2008APE,
  title={A profitless endeavor: phishing as tragedy of the commons},
  author={Cormac Herley and Dinei A. F. Flor{\^e}ncio},
  booktitle={NSPW},
  year={2008}
}
Conventional wisdom is that phishing represents easy money. In this paper we examine the economics that underly the phenomenon, and find a very different picture. Phishing is a classic example of tragedy of the commons, where there is open access to a resource that has limited ability to regenerate. Since each phisher independently seeks to maximize his return, the resource is over-grazed and yields far less than it is capable of. The situation stabilizes only when the average phisher is making… CONTINUE READING
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