Here is a list of steps that you must undertake during the procedure.
1. Call the Bank
You must immediately call the bank or the organization from which you have received the credit card. By providing the details of fraud and requesting the card to be cancelled immediately you would be saved from further financial loss.
In many countries such as Canada and America the card holder is not liable for any charges above $50 made in relation to fraudulent activities. Most of the banks have a customer support service available round the clock and you can simply contact them at their toll free number. You might also be asked to visit the bank or the organization to sign an undertaking that the reported purchases have not been made by you to the best of your knowledge. 2. Contacting the Law Enforcement Agency
The relevant law enforcement agency must be contacted immediately to report credit card fraud. Specialized high risk bankcard systems and credit card processor solutions might exist within a particular country that are entrusted with the task of handling complaints regarding credit card fraud; for example the Federal Trade Commission in United Stated of America. 3. Reporting with the National Credit Reporting Agencies
The next step would be to report to specialized agencies such as National credit Card Reporting Agencies who are entrusted with the task of providing the credit ratings of an individual or the card holder.
By informing the relevant agencies, you would mitigate the risk of receiving bad credit ratings due to excessive usage of card by thieves or nonpayment of liability over a specific period of time.
This would not only eliminate the risk of deteriorating credit ratings but would also prevent identity theft as the credit card agency is likely to contact the individual in case they receive any inquiry regarding the stolen credit card.4. Freezing the Accounts
In order to report credit card fraud and mitigate all associated risk, it is recommended that the particular account is freeze. Freezing the account would disable credit card companies and the banks from seeing the transactions taking place in the frozen credit card account. Your credit card account is likely to be misused due to fraud and this action would prevent the future lenders from viewing the transactions. It would thus prevent your credit ratings from falling in their books. 5. Maintain a Written Record
It is highly recommended that a written record of all the notices and complaints are kept so that they can be used in case of future disputes. If you have made a police complain or notified the law enforcement agency directly you must maintain a copy of the relevant report.