If your Visa card is stolen, it is important to report the theft right away, according to the Federal Trade Commission. Most major banks have a 24-hour hotline for reporting lost or stolen cards.
Reporting a stolen Visa card immediately limits an individual's liability for fraudulent charges. According to federal law, consumers cannot be held liable for charges after they have reported the card missing, reports the Federal Trade Commission. While some banks, such as Bank of America, have policies stating that consumers are not held liable for any fraudulent charges, Federal law dictates that consumers can be held liable for up to $50 in fraudulent charges if they report the theft within two days. After two days, the liability limit increases to $500.