PORTFOLIO Synthetic identity fraud: How to fight it Security First-party fraud puts banks in the tough position of deciding which account applicants are synthetic and which are real. But experts agree that there are ways to can use technology and collaboration to mitigate this growing type of fraud. By Colleen Morrison I t's a crime that can take months or even years to pull off. But when it's done successfully, it means a criminal can grab cash and dash away in an instant. This crime-first-party card fraud-occurs " when an external party, including a bank customer, commits fraud against the 24 Q ICBA Independent Banker Q June 2020 bank, " according to the Office of the Comptroller of the Currency (OCC). It involves a fraudster who intends to establish a credit line, max it out and never pay off the balance. First-party card fraud includes the mounting problem of synthetic identity fraud, where an individual or group develops a forged identity that mixes authentic personally identifiable information, such as a Social Security number, with a false persona. Fraudsters build this forged identity over time-estimates range from six months to five years-with the ultimate goal of " busting out, " or disappearing with as much as they can get. Quick stat 70% The rise in new fraudulent accounts between 2017 and 2018 Source: McKinsey and Company