If you lose your credit or charge cards or if you realize they've been lost or stolen, immediately call the issuer(s). Many companies have toll-free numbers and 24-hour service to deal with such emergencies. By law, once you report the loss or theft, you have no further responsibility for unauthorized charges. In any event, your maximum liability under federal law is $50 per card.

If you suspect fraud, you may be asked to sign a statement under oath that you did not make the purchase(s) in question.

There is currently a bill in Massachusetts that if passed would make it possible to freeze credit information for the purpose of protecting people from identity theft and keeping valuable credit information secure.

Freezing a file shuts the valve that controls the flow of new credit. This prevents a thief from falsely using that person’s identity to take out a new mortgage, acquire a credit card or obtain financing for a car or a flat-screen TV.

The bill would require companies to notify individuals and authorities if they lose large amounts of consumer information. If the bill passes people would be able to place a security freeze on their credit report by submitting a security freeze request to a consumer reporting agency.  A security freeze request would have to be made by a consumer by either certified mail, telephone or a secure electronic mail connection.  The account would have to be frozen within five business days after receiving the request.