Abstract
This thesis investigates how prices of stolen personally identifiable information (PII) changes over time in dark web marketplaces, using a dataset of 368,000 listings across seven PII types from 2022 to 2024. The analysis finds that sensitive financial data (e.g. bank logins) deteriorate quickly, whereas stable identifiers like Social Security numbers and full identity packages have stable or rising prices over time. Seller volume and market structure significantly shape these price dynamics: high-volume sellers command premiums for sensitive items or offer bulk discounts for commoditized goods, and high-volume markets tend to suppress prices through competitive pressure. The results offer new empirical insight into the underground economy of stolen data and suggest differentiated policy responses based on the time sensitivity of breached information.
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