As U.S. counterfeit card fraud declines with the advance of EMV, researchers say fraudsters seeking richer ground are reviving a familiar card scam based on creating fake credentials, known for many years as synthetic identity fraud.

Synthetic identity fraud occurs when scammers create a fictitious account using real or bogus customer credentials, make fraudulent purchases with the account and quickly abandon it. The scam isn’t new, but industry data suggests it’s on the rise as fraudsters discover new ways to automate their activities.

Subscribe Now

Authoritative analysis and perspective for every segment of the credit union industry

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.