A profitless endeavor: phishing as tragedy of the commons

  title={A profitless endeavor: phishing as tragedy of the commons},
  author={Cormac Herley and Dinei A. F. Flor{\^e}ncio},
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
Highly Cited
This paper has 87 citations. REVIEW CITATIONS

From This Paper

Figures, tables, and topics from this paper.
57 Citations
8 References
Similar Papers


Publications citing this paper.

88 Citations

Citations per Year
Semantic Scholar estimates that this publication has 88 citations based on the available data.

See our FAQ for additional information.


Publications referenced by this paper.
Showing 1-8 of 8 references

The Underground Economy: Priceless

  • R. Thomas, J. Martin
  • Usenix ;login:,
  • 2006
Highly Influential
6 Excerpts

An Inquiry into the Nature and Causes of 68 Source Webusers phished annually Margin of error Average loss per victim Median loss

  • J. Franklin, V. Paxson, A. Perrig, S. Savage
  • FTC
  • 2003
Highly Influential
4 Excerpts

Internet traffic growth: Sources and implications

  • A. Odlyzko
  • Proceedings of SPIE,
  • 2003
Highly Influential
3 Excerpts

The (continued) Vitality of Mythical Numbers

  • P. Reuter
  • Public Interest,
  • 1987
Highly Influential
4 Excerpts

The Vitality of Mythical Numbers

  • M. Singer
  • Public Interest,
  • 1971
Highly Influential
5 Excerpts

Similar Papers

Loading similar papers…