Yes if your credit or debit card has been compromised and someone has stolen and/or used your credit or debit card you should first report it to the credit or debit card company so they can make a note on your account and freeze your current card and issue you another card.
Then report the compromised credit or debit card to the police in case someone tries to do something else fraudulent with your credit or debit card.
This way you won't be responsible for anything bad that happens with your credit or debit card including the fraudulent charges.