What precautions should a business take if they believe a corporate credit card has been lost or stolen?

kevin asked:


If an individual loses their credit card or believes that their identity has been stolen one piece of advice they are likely to receive is to sign up for a credit monitoring service to alert them of any activity at the credit bureaus.

Is there a similar course of action a business in the same predicament can follow?
Credit monitoring and fraud liability are two separate topics. Credit monitoring is provided by a third party and helps guard against identity theft, for one thing. Fraud liability involves the credit card company directly and is intended to protect a customer against fraudulent charges specific to that customer and that account.

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