Malevolent con artists, cyber criminals, and identity thieves can use PII in several ways. Financial scams include applying for loans and lines of credit, using stolen credit card information to make purchases, stealing tax refunds, and draining financial accounts, among other crimes.
Synthetic identity theft is a fast-growing financial crime in the US. Stolen PII is combined with fake details and personal data from other individuals to manufacture a brand-new identity. For example, an SSN can be cobbled together with a fake name and address to create a new persona.
Selling stolen PII on the dark web is big business for hackers. Social media credentials, credit card numbers, and even seemingly inconsequential Netflix passwords are sold by bad actors on the dark web. Criminal and financial gain motivate these fraudsters to gain access to PII.