Samsung Note7 owners told to stop using their phones and recall is imminent

Following dozens of reports of Samsung Galaxy Note7 smartphones exploding worldwide, the U.S. Consumer Product Safety Commission (CPSC) is advising all existing Note7 customers "power them down and stop charging or using the device."

In a statement provided to Mashable, the CPSC said Samsung is working with the agency to announce an official recall of the devices "as soon as possible."

Samsung had already suspended sales of the Note7 following the reports and launched an "exchange program" for customers to swap out their defective phones with new replacements. If you haven't replaced yours, you should do so immediately. Here's how.

In the U.S. Samsung's offering the following exchange program:

1. Exchange current Galaxy Note7 device with a new Galaxy Note7 (pending CPSC approval). 

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.

Select carrier and retail outlets will also provide customers, who prefer a replacement Note7, with a Samsung loaner phone to use until new Note7s are available.

Additionally, participants in the US exchange program will receive a $25 gift card or bill credit from select carrier or retail outlets.

"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." Tim Baxter, president of Samsung Electronics America said in an email statement. "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."

"This consumer warning is based on recent reports involving lithium-ion batteries in certain Note7 devices that have resulted in fires," wrote the CPSC in a statement sent to Mashable. "These incidents have occurred while charging and during normal use, which has led us to call for consumers to power down their Note7s."

On Thursday, the U.S. Federal Aviation Administration urged passengers with Note7 phones to keep them off and not charge them while flying on airplanes.

The cause for the explosions is believed to be related to faulty batteries produced by Samsung SDI. It's believed 70 percent of up to 2.5 million shipped Note7 phones contained batteries produced by SDI. The remaining 30 percent of shipped Note7s reportedly have batteries without any defects produced by China's Amperex Technology Limited.

In a statement posted to Samsung's UK website, the company described the battery issue:

Based on our investigation, we learned that there was an issue with the battery cell. An overheating of the battery cell occurred when the anode-to-cathode came into contact which is a very rare manufacturing process error.

Samsung's cooperation with the CPSC follows 35 reported cases where Note7 phones have exploded. No injuries have been reported.

On Monday, a man's Jeep Cherokee was reportedly engulfed in flames and destroyed due to an affected Note7, according to FOX 13.

Recalling up to 2.5 million defective Galaxy Note7 phones could cost Samsung up to $1 billion and brand damage that could tarnish the company's reputation.

The timing of the Galaxy Note7 comes at a terrible time with Apple preparing to launch its iPhone 7 and 7 Plus on Sept. 16.