Under the federal Truth In Lending Act, cardholders are not responsible for more than $50 in unauthorized purchases, and most card issuers honor zero liability policies if you report a loss or theft of your card quickly. Also, if your card number was stolen and used in a transaction where no physical card was presented (for example, over the phone or online), you can’t be held responsible for any amount of a fraudulent purchase. There is no time limit for disputing fraudulent charges, but it is a good idea to act quickly.
It’s fine to call the card issuer to report the unauthorized use. The issuer will close the account so it can’t be used by the thief again. But also make sure you send a letter, certified mail, to the address listed on your statement for billing errors and inquiries. Keep a copy for your records as well.
If you are worried about unauthorized charges and identity theft, it's a good idea to sign up for a credit monitoring service to keep a closer eye on your credit credit reports.
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