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PII
(Personally Identifiable Information)
PII refers to data that can identify an individual, including names, SSNs, biometrics, or financial account details. With identity theft costing Americans $10 billion annually, PII protection is crucial in finance where SIM Swap scams and data breaches target sensitive information.
Financial institutions must comply with PII protection laws like GDPR (EU) and CCPA (California), facing fines up to 4% of global revenue for violations. Best practices include encryption, access controls, and redaction - a 2023 study showed 60% of data breaches involved unsecured PII. Consumers should monitor credit reports and enable multi-factor authentication to protect PII. In crypto, decentralized identity solutions aim to reduce PII exposure while maintaining KYC compliance.
Financial institutions must comply with PII protection laws like GDPR (EU) and CCPA (California), facing fines up to 4% of global revenue for violations. Best practices include encryption, access controls, and redaction - a 2023 study showed 60% of data breaches involved unsecured PII. Consumers should monitor credit reports and enable multi-factor authentication to protect PII. In crypto, decentralized identity solutions aim to reduce PII exposure while maintaining KYC compliance.