Digital watermarking is often modeled as the transmission of a message over a noisy channel denoted as “watermark channel.” Distortions introduced by the watermark channel result mainly from attacks and may include interference from the original signal. One of the main differences with classical transmission situations stems from the fact that perceived distortions have to be taken into account. However, measuring the perceived impact an attack has on a watermarked signal is currently an unsolved problem. Possible means of circumventing this problem would be 1) to define the distortion in a so-called “perceived domain” and define an “ad hoc” equivalence between objective and perceived distortion or 2) to define an “equivalent distortion” by removing from the attack noise the part that is correlated to the host signal. This paper concentrates on the second approach and first shows that the resulting “equivalent” attack is a particular case of a thoroughly studied channel: filtering plus additive noise. However, the approach in this paper emphasizes the fact that the additive noise in the model has to be decorrelated with the signal. Then, the formalism is applied to (desynchronization plus noise) attacks on audio signals. In this context, this paper provides the corresponding capacities, as well as optimal “attack” and “defense” strategies in a game theory context.