The first thirty minutes after realizing a phone is stolen matter more than any step that comes after.

Act Fast
Use Find My iPhone or Find My Device from another device to locate, lock, or remotely erase the phone immediately. Locking it also displays a custom message with a contact number in case it is found rather than truly stolen.
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Secure Your Accounts
Change passwords for email, banking, and any app that was logged in on the phone, since a stolen unlocked device can be a gateway into far more than just the hardware itself. Contact your carrier to suspend the SIM card, preventing it from being used to intercept verification codes.
Filing a police report afterward is also worth doing, both for insurance claims and in case the device is recovered later.

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