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White Collar Crimes & Economic Offences
Is corruption the only problem confronting us in Public/Private Services? If we get rid of corruption, can we lead a trouble free corporate and social life? No there are other and much bigger threats. Corruption is restricted mostly to Government departments, Public organizations, and mismanaged private enterprises, while all types of organizations face the threat of other crimes. We can broadly classify three categories of Crimes. Viz. Crimes involving violence or threat to physical injury, white-collar crimes and economic offences. 'White Collar Crimes' and 'Economic offences" bringing added problems to the common public employees in all organization alike. The sway of these twin threats is of universal character and confronts all types of organizations, big or small, private or public. The first category of this is White Collar Crimes. Corruption also is a white-collar crime, but since this has been dealt with already, it will not be included now in our analyses.
White Collar Crimes
What are white-collar crimes? These are smart offenses carried out by the skilled miscreants, by perpetuating dexterously confidence tricks on the innocent or non-suspecting individuals. White collar crimes have been defined as under:
"White collar crimes typically refer to a type of crime committed by business people, entrepreneurs, public officials, and professionals through deception, as opposed to street crimes which tend to involve force and violence. Examples of white-collar crimes include embezzlement, bribery, extortion, larceny, fraud (e.g., health care, tax), bankruptcy, telemarketing, insurance, and mail, securities and commodities law violations, environmental law violations, price fixing, racketeering, loan sharking, black market operations, obstruction of justice and perjury, and computer fraud"
(Source: http://criminal-law.freeadvice.com/white_collar_crimes/ )
Another definition, which also speaks about the types of white collar crimes narrates as under:
"White-collar crime is a term that is usually applied to crimes associated with business that do not involve violence or bodily injury to another person. Examples of so-called white-collar crimes are those crimes generally associated with lending institutions which involve bank fraud, such as making false statements to obtain a loan, filing false reports or returns with government agencies, embezzlement, using the mail or wire communications to defraud, and paying or accepting bribes."
(Source:http://www.ckfraud.org/whitecollar.html )
However many new types of white-collar crimes continue to surface afresh, as new innovations in the fields of Business and Commerce emerge, like frauds with regard to 'credit-card', 'e-commerce', 'Internet' etc. indicating a war of wits between the smart criminals and the vigilant law-enforcers. New legislation from time to time is formulated to bring the law update to deal effectively with these newly emerging crimes. Since these offences are committed in a subtle manner by criminals, initially winning and enjoying the confidence of the victims, these crimes can be perceived by the victims only at the time of their fall out effects. This makes preventive action more difficult and calls for eternal alertness, vigilance and clear understanding of the different modus operandi adopted by those perpetuating of white-collar crimes
| Categories of White Collar Crimes |
| 1. Types of White Collar Crimes |
| Category |
Description |
| Bank Fraud: |
To engage in an act or pattern of activity where the purpose is to defraud a bank of funds |
| Blackmail: |
A demand for money or other consideration under threat to do bodily harm, to injure property, to accuse of a crime, or to expose secrets. |
| Bribery: |
When money, goods, services, information or anything else of value is offered with intent to influence the actions, opinions, or decisions of the taker. You may be charged with bribery whether you offer the bribe or accept it. |
| Cellular Phone Fraud: |
The unauthorized use, tampering, or manipulation of a cellular phone or service. This can be accomplished by either use of a stolen phone ,or where an actor signs up for service under false identification or where the actor clones a valid electronic serial number (ESN) by using an ESN reader and reprograms another cellular phone with a valid ESN number |
| Computer fraud |
Where computer hackers steal information sources contained on computers such as: bank information, credit cards, and proprietary information |
| Counterfeiting: |
Occurs when someone copies or imitates an item without having been authorized to do so and passes the copy off for the genuine or original item. Counterfeiting is most often associated with money however can also be associated with designer clothing, handbags and watches |
| Credit Card Fraud |
The unauthorized use of a credit card to obtain goods of value.
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| Currency Schemes: |
The practice of speculating on the future value of currencies. |
| Embezz1ement: |
When a person who has been entrusted with money or property appropriates it for his or her own use and benefit |
| Environmental Schemes |
The over billing and fraudulent practices exercised by corporations, which purport to clean up the environment. |
| Exhortation |
Occurs when one person illegally obtains property from another by actual or threatened force, fear, or violence, or under cover of official right. |
| Forgery: |
When a person passes a false or worthless instrument such as a check or counterfeit security with the intent to defraud or injure the recipient. |
| Health Care Fraud |
Where an unlicensed health care provider provides services under the guise of being licensed and obtains monetary benefit for the service. |
| Insider Trading:. |
When a person uses inside, confidential, or advance information to trade in shares of publicly held corporations |
| Insurance Fraud: |
To engage in an act or pattern of activity wherein one obtains proceeds from an insurance company through deception |
| Investment Schemes: |
Where an unsuspecting victim is contacted by the actor who promises to provide a large return on a small investment. |
| Kickback |
Occurs when a person who sells an item pays back a portion of the purchase price to the buyer |
| Larceny/Theft: |
When a person wrongfully takes another person's money or property with the intent to appropriate, convert or steal it. |
| Money Laundering: |
The investment or transfer of money from racketeering, drug transactions or other embezzlement schemes so that it appears that its original source either cannot be traced or is legitimate |
| Racketeering: |
The operation of an illegal business for personal profit.
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| Securities Fraud |
The act of artificially inflating the price of stocks by brokers so that buyers can purchase a stock on the rise |
| Tax Evasion |
When a person commits fraud in filing or paying taxes.
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| Telemarketing Fraud: |
Actors operate out of boiler rooms and place telephone calls to residences and corporations where the actor requests a donation to an alleged charitable organization or where the actor requests money up front or a credit card number up front, and does not use the donation for the stated purpose
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| Welfare Fraud: |
To engage in an act or acts where the purpose is to obtain benefits (i.e. Public Assistance, Food Stamps, or Medicaid) from the State or Federal Government |
| Weights and Measures: |
The act of placing an item for sale at one price yet charging a higher price at the time of sale or short weighing an item when the label reflects a higher weight.
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| (Source: http://www.ckfraud.org/whitecollar. |
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