While spammers sell more the more they spam, the opposite is true for phishing.
We know spam when we see it. Most of us don’t like it, but let’s face it, there are some people out there who buy what is advertised. If that were not the case, spammers would give up. It is safe to assume that increasing spam increases sales ever so slightly. Either the delivery becomes more appealing or the constant reminder makes some people break down and try it. In comparison, I can’t imagine who would watch shopping channels and buy but obviously some people do. Personally, I’ve blocked all the shopping channels so my family won’t be blighted with them.
Phishing works differently and this is profoundly important. It works by looking like the real thing and fooling the naive reader. While most of us spot a phishing email rather easily – our bank just wouldn’t send us this message – obviously some people are fooled. But the problem is that each phishing email works like an innoculation. It builds our resistence to the next message. It makes people more wary. Not even the slightest part of us wants our bank account plundered while there is a little voice in all of us saying it would be kinda nice to lose a few pounds or to stay up longer .. at night .. ah come on! I meant caffeinated drinks when you’re tired!
So while more spam increases sales ever so slightly, more phishing should reduce success because we get better and better and spotting them.

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