If you're going to ignore credit fraud until it is reported, because it's cheaper, you had better have good customer service at that point. Victims of credit fraud are only going to be understanding about your response and strategy if they get their money back very quickly and nobody gives them the third degree about anything they should have done differently.
Mokalus of Borg
PS - I've never been a credit fraud victim myself, so I don't know how it goes.
PPS - From what I've heard, second-hand, though, banks do pretty well when handling it.