Different Types Of White Collar Crime

When a respectable person who has high social status gets involved in some kind of monetary fraud, it is referred to as a white collar crime. The employees of a company may commit an array of legal offenses, including forgery, identity theft, money laundering, copyright infringement, computer crime, embezzlement, insider trading, bribery, and fraud. Following are some of the different types of crime that fall under this category.

Forgery

Forgery refers to crimes where an individual uses a worthless or false monetary instrument, such as counterfeit security or check, with the only objective to injure or defraud the recipient.

Welfare Fraud

Welfare fraud refers to a white collar crime where employees are engaged in unlawful acts with the intent to qualify for certain benefits from federal or a state government, such as Medicaid, Food Stamps, Public Assistance, and others.

Telemarketing Fraud

Telemarketing fraud refers to cases where people pretend to be telemarketing callers and request corporations and residences to donate money to an alleged charitable organization but they do not use the money for the said purpose. They can make different types of calls and ask for money or credit card details.

Tax Evasion

These crimes include frauds that people commit while paying or filing taxes. It may include hiding income sources or providing manipulated information about deductibles.

Securities Fraud

In this type of white collar crime, brokers get engaged in activities that result in artificial rise in the price of the stocks; this is done with an intent to encourage buyers to buy stock while it is on the rise.

Money Laundering

Money laundering involves activities, where money is transferred or invested through various embezzlement schemes in such a way that falsely indicates that the original source is either legitimate or just cannot be traced.

Insurance Fraud

This type of fraud includes activities that help people to obtain proceeds from insurance companies in a deceptive way.

Insider Trading

Insider trading is a crime, where an individual or a group of individuals uses advance, confidential, or inside information with the intent to make money by trading in shares of public corporations.

Embezzlement

Sometimes, employees in a company or organization are given the responsibility to take care of certain property or fund, but they misuse the same for their personal benefit. This is called embezzlement, which is another common type of white collar crime.

Credit Card Fraud

Credit card fraud also comes into this category that refers to activities where a person uses someone else’s credit card in an authorized way to obtain money or assets.

Counterfeiting

When an unauthorized person uses the copies of an item instead of original or genuine item, it is called counterfeiting. Generally, counterfeiting is associated with money, but it may also include watches, handbags, or even designer clothes. For example, if someone is selling an imitation of a designer dress by calling it original, it is counterfeiting.

Computer Fraud

Computer fraud is also very common. This type of white collar crime is committed by computer hackers; they steal information from a computer (such as, proprietary information, credit card details, and bank details) and misuse the same.

Bribery

Bribery also comes into this category of crime. It is an act of offering or accepting information, services, goods, money, or anything else of value with the intent to influence the decisions, opinions, or actions of the bribe recipient. It is important to note that whether you are accepting or offering a bribe, in either case, you are committing a crime.

Other types of white collar crime include bank fraud, blackmail, cellular phone fraud, currency schemes, environmental schemes, extortion, health care fraud, investment schemes, kickback, theft, racketeering, and manipulation with weights and measures.