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Credit freezes have been free at Equifax, Experian and TransUnion since 2018. They are built to block one of the most common forms of identity fraud: new credit applications opened in your name. But the latest numbers show why a freeze cannot be your only line of defense. Javelin Strategy & Research’s 2026 Identity Fraud Study found that traditional identity fraud losses reached $27.3 billion last year, affecting 18 million victims. New-account fraud saw the sharpest rise, with victims jumping 31% from 2024 to 2025.
The problem is that not every fraud attempt comes through your existing credit file. The Federal Reserve has flagged synthetic identity fraud as one major gap. This type of fraud pairs a real Social Security number (SSN) with a fabricated name and date of birth, which can bypass a freeze entirely. A freeze placed on your name…
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These frauds exploit emotional vulnerability and trust rather than technical weaknesses.
- Romance Scams: Scammers build long-term online relationships with victims, eventually fabricating a “crisis” (medical emergency, legal trouble, or travel costs) that requires the victim to send money.
- Pig Butchering: A hybrid scam where the criminal builds a romantic or platonic relationship to eventually “tutor” the victim in a fraudulent cryptocurrency investment.