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An automated spear phishing system matched human experts in a controlled study.
In this experiment by Fred Heiding and his colleagues, 54% of recipients clicked.
The study compared four types of emails with 101 participants divided among the four groups.
The target profiles were accurate in 88% of cases, according to the authors.
The profitability gain of up to 50 times higher comes from an economic model, not from measured criminal gains.