Final answer:
The fraud element triangle consists of theft act, concealment, and conversion, but not rationalization.
Step-by-step explanation:
The fraud element triangle consists of three elements: theft act, concealment, and conversion. These elements are typically involved in cases of fraud and help define the different stages of the fraudulent act. However, rationalization is not part of the fraud element triangle. Rationalization refers to the cognitive process of justifying or explaining one's dishonest behavior, but it is not one of the specific elements that make up the triangle.