Identity theft can be a nightmare for the victim - it can lead to financial disaster, stress and anxiety. However, there are some steps you can take if you have been a victim of credit card theft and have to protect your finances from further damage, according to ITBusinessEdge.com.

The first action you should take after you realize your credit card or identity has been stolen is to close all accounts. This will ensure that the thief will not be able to make any more purchases using your money.

The site also suggests putting a fraud. alert on your credit report, so that any business or individual who reviews your credit history will know that the theft took place and that you did all you could to stop the criminal.

File a police report with your local authorities to report the crime. Your information could lead to the capture of the cyber thief, or help others protect themselves from falling victim to a similar crime.

According to the Federal Trade Commission, there are approximately 9 million cases of identity theft in the U.S. every year. To maintain online security, some may choose to use an electronic payment service when shopping online.