Most people agree that violent crimes are physically, mentally and emotionally damaging. Nonetheless, white-collar crimes can be just as bad, especially monetary-wise.
White-collar crime, a word believed to have come about in 1939, is a non-violent offense involving scams like money laundering and fraud. People who commit these offenses typically work in middle/upper-class professions. Below are five common types of white-collar crimes.
1. Bribery
Bribery entails unethically giving or receiving money (or anything else of high value) to influence someone’s behavior. For example, an executive agrees to accept a large sum in exchange for conspiring against a co-worker.
2. Embezzlement
Embezzlement is where an employee pilfers money or other assets from their employer. According to a 2018 Hiscox Embezzlement Study, the average embezzlement case lasted 2+ years, plus the average loss was $357,650. In addition, some companies lost customers and partners because an embezzlement incident tarnished their reputation.
3. Identity theft
When someone steals another’s identity, they take their personal identifying information without their knowledge or permission for criminal or other self-centered purposes. For instance, a person takes their boss’ credit card information to use toward online purchases of luxuries.
4. Cybercrime
Cybercrime consists of infiltrating a computer network to carry out crimes like ransomware, privacy violation and property theft. Some cybercriminals are novice hackers, while others are technically-skilled professionals.
5. Insider trading
When people engage in inside trading, they trade company securities or secrets the public shouldn’t know about. This may negatively affect company valuations and share prices since the perpetrators receive an unfair profit advantage.
Those who purposely commit white-collar crimes should be brought to justice. That said, some people get a criminal charge because someone framed them or did it out of ignorance. If you have a white-collar charge against you, seek experienced legal guidance for assistance.