According to David Freer of Symantec, cyber crime nets more money than drug trafficking. An identity is stolen every three seconds worldwide, and the stolen identity is often sold.
Hackers attempting to steal identities and bank information often use a variety of tactics. These include employing bots, malware and phishing scams. The stolen information is then used to either drain bank accounts, or is sold in an online black market.
Some experts estimate that as much as $1 million is stolen from U.S. banks daily, often going to hackers in Eastern Europe.