Purpose: To investigate and detect fraud, a thorough understanding of the nature of fraud, encompassing its perpetration and concealment, is essential. This research aims to provide a concise overview of various theories and models of fraud discussed in the literature.

Method: To investigate and detect fraud, a thorough understanding of the nature of fraud, encompassing its perpetration and concealment, is essential. This research aims to provide a concise overview of various theories and models of fraud discussed in the literature.

Findings: The literature suggests that no single model can be deemed universally suitable across all contexts. Existing models necessitate updates and adaptation to align with current advancements in the field and evolving fraudulent schemes. It is crucial to recognize that understanding the multidimensional nature of fraud is pivotal for its prevention and detection.

Contribution: This research endeavors to review the diverse array of models and theories pertaining to fraud, drawing upon literature from accounting, auditing, and related disciplines, including psychology. The goal is to cultivate a more comprehensive and lucid understanding within this domain.