1. Mark it as lost
From another Apple device or through Find My:
Find My
→ your iPhone
→ Mark As Lost
Apple recommends putting the device into Lost Mode quickly.
2. Do not remove the iPhone from Find My
3. Be wary of the texts that follow
"Your iPhone has been located. Sign in here."
That link may be a trap designed to capture your Apple Account credentials. Use the Find My app or official Apple services directly.