Son's Xbox account hacked, anything I can do?

TimO1

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A friend of my son's went through a long process to get into my son's Xbox live account and buy a game billing it to my wife's credit card. I had just got out of the hospital, and we were low on cash, this kid new it, and bought a $40 game anyway. Can I get him for Credit card fraud? Will Xbox live do anything.
 
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