What Are White Collar Crimes?

White-Collar Crimes


After getting the approximate estimation of white collar crime, it has been seen that one who does white collar crime places damages about $300 million per year. And if the factor is compared with street crime, then 16 billion dollars is approximately lost annually. You may be wondering why such crimes happen in the professional world. 

The main reasons behind this offence are the increment of decentralized finance and cryptocurrency. This is becoming very difficult to fight white collar crime. Greed and casualties are also the reasons behind this crime. In this article, we are going to discuss details about white collar crimes.

What Is White Collar Crime?

White collar crime means a crime which is done for the greed of money. This crime is generally related to capital which is non-violent, and basically, it is committed because of financial gain. 

Or the juvenile wants to retain the money back, which is already owned in the case of tax evasion and money laundering. 

White collar crime is usually investigated at the state level. And if it crosses the state line, then it will be taken care of at the federal level. 

These kinds of crimes are committed with well-designed, pre-planned actions or sophisticated planning that avoids detection. This means the offender does such an offence technically so that the judiciary is unable to catch them.

Types Of White Collar Crime

Below we have mentioned the types of white collar crime, which will describe the wide range of criminal activity. The crimes are as follows.

1) Duplicate Capital Has Been Gained

White collar crimes generally fall under the fraudulent category, which means when offenders start making money from deceitful financial stores. This is why securities fall, and criminals steal from investors. 

Tax evasion means when a service holder avoids providing taxes on time to the government. And this is also a type of white collar crime which is directly associated with the government.

While the criminals are doing white collar crimes at that time, they utilize the usage of mail and wire services. So, the materials are transferred easily without any connotations of such works. They basically connect these systems with fraudulent activities. Therefore, these cases are directly handed over to the federal level court.

2) Money Laundering

Money Laundering is another kind of white collar crime. In this case, the criminal undercovers the identity of the money. This means in this crime, the offender tries not to show the identity of the money, and they hide the place where the money had been obtained illegally. 

Laundering is done with the purpose of making money which comes from legal sources. In other words, money laundering means making illegally gained money as legitimate capital.

In this case, money which is obtained from gray marketing, the pursuit of illegal commodities, or goods will be considered “dirty work”, and the offender can’t also deposit the money directly to the bank. 

If the criminal wants to deposit the money into a bank, in such cases, they need to utter such a record and statement, which indicates the process of obtaining money.

It has been done in three steps:

  • Firstly, the owner will obtain the money through some illegal means and, after that, wants to deposit that capital somehow.
  • After that, multiple transactions will occur to transfer the money for various illegal purposes.
  • After that, they deposit the money to make money legitimate.

3) Identity Theft

White collar crimes sometimes involve stealing funds from investors, government agencies or even corporations. However, they mainly target individual parties to devastate the positioning degree they have gained. In identity theft, criminals use the victims’ personal information, such as birthdays, social security numbers and so on. 

Therefore, they get the new lines of credit on behalf of the victim’s name. There is also a new type of identity theft which is known as “synthetic identity theft”. 

It allows the offender to make a new identity by using the personal data of various people. After that, criminals utilize the new identity on their behalf to earn money illegally.

4) Cybercrime

One of the major crimes in the cyber world is cybercrime. It is a type of white collar crime and the biggest crime in the technologically advanced world. This crime is related to the “computer network”. With the fastest growth of technology, crime related to the internet also increased. 

It has been committed against the victim. Basically, it causes harm to the reputation or is also abused in a physical and mental way by using the advanced technology, internet and network.

Cybercriminal threatens nations, along with threatening the security and financial status of a person. This white collar crime can make a huge financial loss to the country, and also it can harm the privacy of an individual. 

Cybercrime is also increasing against the female group. By using telecommunications and mobile phones, offenders are sending obscene messages and pictures to women.

5) Bribery

One of the most common types of white collar crimes is Bribery. Generally, the means of Bribery is providing money to the person who has the ability to do the favour of a general person. In this case often a general practice attorney handles the case. 

It is basically done because of supporting him/her to do something or prevent them from doing such things. It is a very common way to earn money for officials in charge.

Last Words

Numerous kinds of white collar crime exist, but the crimes as mentioned above are the most common. Moreover, this type of crime which does not fall under human rights is regularly increasing. And after estimating the fact, it has been seen that in 2019 the total number of white collar crimes was 5702. 

After that, in 2022, the incremental rate of white collar crime is more than 40% compared to the previous years. The leading country of this crime is South Africa. Maybe there are various reasons behind white collar crime, but the main reason is the rise of advanced technology. You can also read Best Immigration Lawyers.

We hope you found this article helpful. In case you have queries comment down below.

Author bio:

John MacLeod is a passionate blogger. He loves to share his thoughts, ideas and experiences with the world through blogging. John MacLeod is associated withThe Legal Guides, Lawyers Note, Simply Lawzone, Exclusive Rights, Lower My Legal Fees, and Lawyers Inventory.

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