This study presents a comprehensive investigation of fracture in open-stretched flanges formed using Single Point Incremental Forming (SPIF) on AA2024-T3 aluminium sheets. The work systematically explores the impact of geometric parameters, namely initial width and length, on the occurrence of the two primary failure modes: fracture at the corner and fracture at the edge of the flange. The experimental campaign comprises a series of flanging tests on medium-small radii to examine the deformation process on both the inner and outer surfaces of the flanges. The novelty of the investigation lies in two key aspects. Firstly, it offers, for the first time, an experimental characterisation of the onset of failure at the flange corner, which significantly limits the process's capabilities, and critically compares it with the failure at the flange edge. Secondly, a detailed formability analysis of the flange in the average stress triaxiality versus equivalent strain space is conducted, identifying a common region of Mode I fracture for plane stress applicable to both open-stretched flanges by SPIF and conventional Nakazima tests. A numerical-experimental methodology is employed to predict both edge and corner failures of the flanges within the average stress triaxiality - equivalent strain space. The fracture loci for Mode I have been determined for both the incremental flanging tests and the Nakazima tests. A comparison of both fracture loci reveals a noticeably lower average stress triaxiality and larger equivalent strain in the SPIFed flanges than in the Nakazima tests, consistent with the increase in the apparent formability of the material observed experimentally in the incremental processes with respect to the conventional tests.