Final answer:
A victim of identity theft should report the incident to law enforcement, place a fraud alert on their credit reports, and close any compromised accounts to prevent further damage.
Step-by-step explanation:
If a person is a victim of identity theft, they should take several important steps to mitigate the damage and protect themselves from further harm. Firstly, they should contact local law enforcement to report the incident. Secondly, they should place a fraud alert on their credit reports with the three major credit bureaus, which can help prevent further fraudulent activity. Lastly, closing any accounts that have been tampered with is essential to prevent further unauthorized access and transactions.