What is the first step in the fraud investigation process?

The first step in the fraud investigation process is planning the investigation. Effective planning is crucial as it establishes the framework for the entire investigation. During this phase, investigators define the scope of the investigation, identify potential sources of information, assess available resources, and develop a strategy for gathering and analyzing evidence. Proper planning allows for a focused approach, which can help ensure that the investigation is efficient and thorough.

Without a solid plan, subsequent steps, such as gathering evidence, interviewing witnesses, or analyzing documents, may not align with the overall objectives of the investigation or may lead to oversights or wasted resources. A well-structured plan acts as a roadmap, guiding investigators through each phase and helping to anticipate potential challenges that may arise during the process.