Researchers at Microsoft have discovered that most phishing scams bring in little to no money. Their study blames this on the oversaturation factor. Just as overfishing has caused a deep decline in certain fish populations, the sheer number of phishing scammers seeking maximum returns has resulted in “overgrazing.” The other problem facing them is that the more phishing scams a person comes across, the wiser and less likely to fall for them they become.

          “Phishing appears to be a low-skill low-reward business. The enormous amount of phishing activity is evidence of its failure to deliver riches rather than its success. Repetition of easy money stories without scrutiny makes things worse by ensuring a steady supply of new entrants,” the researchers argue.

They estimate that just 0.37% of users fall for phishing scams, but far fewer actually suffer any financial loss due to anti-fraud measures in place at their financial insitutions. The total loss is around $61 million. Since the study doesn’t give any details as to how the money is divided, it’s possible the large phishing operations may still manage to rake in decent profit, but the researchers say the average phisher makes only hundreds of dollars in profit from their schemes.