Turns out the profitability of cybercrime may have been greatly exaggerated. According to a new report by two researchers for Microsoft’s research organization, cybercrime doesn’t equal easy money after all, despite findings to the contrary.

In their report, titled “Nobody Sells Gold for the Price of Silver: Dishonesty, Uncertainty and the Underground Economy,” Microsoft researchers Cormac Herley and Dinei Florencio say it’s a smaller population of more sophisticated and organized gangs of cybercriminals who come out ahead. “While there is a great deal of activity in the underground economy marketplace, it does not imply a lot of dollars change hands,” they wrote in their paper. Lucrative cybercrime doesn’t occur in the open IRC space because “rippers,” or those who don’t deliver the goods and services they “sell” there, damage the market, they say. (DarkReading)