↵

Ret on Privacy: Practical Advice from an Alum
Critical Steps to Take to Recover
From Identity Theft

By Gene Ret (July 2026)
 
 
 
Identity theft remains a massive issue in the United States. Criminals steal tens of billions from consumers each year, causing significant financial and personal disruptions.
 
This article tells you the first steps you should take in order to recover from identity theft should you become a victim.
 
 
 
Identity Theft by the Numbers
Total Complaints: The Federal Trade Commission (FTC) fields over 1.1 million identity theft reports every year, accounting for a substantial portion of all consumer fraud reports.

Financial Losses: Consumer losses to identity fraud and scams have surged, with total fraud losses topping $12.5 billion nationwide in recent reporting cycles.

Frequency: Someone's identity is stolen roughly every four seconds in the United States.

Victim Impact: Over 70% of identity theft victims experience some form of digital account takeover, such as hijacked online banking or social media accounts. 
 
To recover from identity theft, you need to act quickly to contain the damage and restore your good name. Your first move should be to visit the IdentityTheft.gov portal to report the crime and generate a personalized, step-by-step recovery plan.
 
The immediate and most critical steps to take are:
 
1. Lock Down Your Accounts
Contact the fraud departments: Call the banks, lenders or credit card companies where you know fraud occurred. Ask them to freeze or close the compromised accounts to prevent the thief from making further unauthorized charges.
Reset security credentials: Change your passwords, logins, and PINs for all potentially affected online and financial accounts.
 
2. Place a Fraud Alert & Freeze Your Credit
Place a fraud alert: Contact one of the three nationwide credit bureaus—Equifax, Experian or TransUnion—to place a free, one-year fraud alert. This requires businesses to verify your identity before opening any new accounts. The bureau you contact is required to notify the other two. 
Freeze your credit: Request a credit freeze with all three major bureaus. This stops anyone from accessing your credit report, effectively preventing thieves from opening new lines of credit in your name. 
 
3. Report the Theft & Monitor Credit
File an FTC Report: Submit your report at IdentityTheft.gov to create an official Identity Theft Report.
Get a police report: Take your FTC report, government ID and any proof of the fraud (like bills or notices) to your local police department to file an official police report. This gives you the legal weight needed to remove fraudulent information from your credit history.
Review your credit reports: Check your credit reports to identify any unfamiliar, inaccurate or incomplete information. You can access your free weekly reports at AnnualCreditReport.com.
 
4. Address Specific Types of Theft
Stolen Social Security Number: If someone is using your SSN, contact the Social Security Administration or call them at 1-800-269-0271 to report the misuse and review your earnings.
Tax Identity Theft: If you receive IRS notices about fraudulent returns, follow the instructions on the letter and fill out IRS Form 14039 (Identity Theft Affidavit).
 
 
 
        About Gene Ret
 
Eugene (Gene) Ret is a 30-year veteran of Chase Bank and has been in financial services for 45+ years. He has been a Privacy Professional for 23 of these years and was a Senior Privacy Compliance Officer for Chase, as well as HSBC.
 
Ret was one of the first to develop and employ “best in class” privacy protocols in the buildout of the Privacy Office function and participated in the early development of bankers' recommendations to federal regulators regarding effective and appropriate Privacy standards. Ret has been a presenter at bank trade associations’ symposiums on various Privacy matters and has been a frequent contributor to online Privacy forums and discussions on new and trending topics. 
 
Ret is currently an independent consultant in General Banking Compliance, specializing in Privacy. He is a certified Privacy Professional  – CIPP-US –  a certification by the International Association of Privacy Professionals.    
________________________________________
 
Please send questions or comments to: