If you own a Samsung Galaxy Note 7, stop using it right now.

The Consumer Product Safety Commission issued the warning on Friday saying Note 7 users should "power them down and stop charging or using the device” immediately.

“Samsung continues to ensure that consumer safety remains our top priority. We are asking users to power down their Galaxy Note7s and exchange them now.” said Tim Baxter, president of Samsung Electronics America. “New Note7 replacement devices will be issued to exchange program participants upon completion of the CPSC process. In the interim, consumers can return their Note7 for another device.”

Reports of the lithium-ion batteries catching fire or exploding during normal use began circulating earlier this month, including a charging phone that caught fire and destroyed a Jeep in St. Petersburg, Florida, Fox13 Tampa reported.

The FAA warned airline passengers on Thursday to keep their Galaxy Note 7 phones off while onboard after Samsung ordered a global recall of the phablet the week before. Samsung’s investigation into reports of battery explosions revealed the rechargeable batteries are faulty.

Consumer Product Safety Commission and Samsung are working together to formally announce an official recall.

“Samsung is taking a proactive approach to address customer needs around the Note7,” Baxter said. “We are encouraging customers to exchange their Note7 by taking advantage of our Product Exchange Program. The safety and satisfaction of our customers is Samsung’s top priority.”

According to a statement by Samsung, the U.S. Product Exchange Program will offer consumers the following choices:

1. Exchange current Galaxy Note7 device with a new Galaxy Note7 (available next week)

2. Exchange current Galaxy Note7 for a Galaxy S7 or Galaxy S7 edge and replacement of any Note7 specific accessories with a refund of the price difference between devices.

As a gesture of appreciation, consumers will receive a $25 gift card or bill credit from select carrier retail outlets when choosing a Galaxy S7 family device or the Galaxy Note 7 within the exchange program.

Galaxy Note7 owners can contact or visit the retail outlet where they purchased their device or call 1-800-SAMSUNG to initiate a product exchange and to resolve any other questions or concerns.

Product safety incidents involving lithium-ion batteries in smartphones can be reported to Consumer Product Safety Commission via its website, www.SaferProducts.gov.