A program analysis method according to an exemplary aspect of the present disclosure includes: generating an analysis-target abstract code that is data representing a mathematical model into which an inspection-target execution code is transformed; and determining whether or not the inspection-target execution code is a fraudulent program by executing at least processing of determining whether or not the analysis-target abstract code includes a known factor code that is data representing a mathematical model into which a known execution code is transformed, and processing of determining whether or not a state at an end of execution of the inspection-target execution code is included in success state information indicating a state in which an attack by a fraudulent program is successful.