Accounting Fundamentals Certification (AFC) Practice Test

When a credit card is stolen, the foremost action to take is to contact the credit card company. This step is crucial because the credit card issuer is responsible for monitoring your account and can take immediate measures to prevent unauthorized transactions. They have the ability to freeze or cancel your card, issue a new card, and investigate any fraudulent charges. Quick communication with the credit card company not only protects your finances but also helps minimize the potential impact of identity theft.

While reporting to the police, the FTC, or a credit reporting agency can also be important steps in the overall process of handling a stolen credit card, they typically follow the initial contact with the credit card issuer. The police may help with fraud cases or provide a report for further use, the FTC offers guidance on identity theft, and credit reporting agencies can assist in monitoring your credit report. However, the immediate priority is to inform the credit card company so they can secure your account and help you regain control over your finances.