When card companies adopted EMV chips to combat point-of-sale fraud, bad actors turned to fraudulent card-not-present transactions.

And now that U.S. companies are more open to biometrics in authentication, fraud schemes are morphing again, warned Michael Leary, a senior vice president who specializes in risk strategy for U.S. Bank.

“In bulk attacks with accounts, biometrics creates a great barrier,” Leary said Wednesday during a panel discussion at the Finovate fintech conference in New York. “It’s mitigating fraud, but it is also changing fraud. Whatever the most open door is, that’s where they are going.”

Increasingly, hackers are gathering information from disparate sources, putting together profiles of their targets and going after individuals, said Cris Thomas, the global strategy lead for IBM's X-Force cybersecurity team.

Read more in American Banker.