Question

What is not considered one of the three phases of fraud?

-The act itself.
-The concealment.
-Conversion of the stolen asset to personal use.
-Searching for the fraudster.
-None of the above.

Answer 1

Searching for the fraudster is not considered one of the three phases of fraud.

Step-by-step explanation:

In the context of fraud, searching for the fraudster is not considered one of the three phases of fraud. The three phases of fraud include:

1. The Act Itself: This is the initial stage where the perpetrator plans and executes the fraudulent act.
2. The Concealment: After committing the fraud, the perpetrator tries to hide or cover up their actions to avoid detection.
3. Conversion of the Stolen Asset to Personal Use: This is the final phase where the fraudster uses the stolen assets for personal gain or benefit.

Searching for the fraudster falls under the investigation and enforcement phase, but it is not considered one of the three primary phases of fraud.