Posted: March 18th, 2023
Categories of White Collar Crime
Categories of White-Collar Crime:
Best way to re-coup losses
Occupational crimes vs. vocational crimes comparison
Elements of political white-collar crime
The increase in white collar financial, political and cybercrime is observed. The extensive usage of technology for trading and business has also instigated escalation of cybercrime activities. The businesses and individuals are prone to numerous risks of financial losses through white collar crimes. The laws and regulation to reduce white collar internet crime should be improved and implemented. The process of recoup of losses for victims of cybercrime is complicated and time consuming. It requires adequate measures for dressing of the grievances. The involvement of political parties in personal and political white collar crimes are challenges for effective legal system. The economic conditions and lack of jobs leads to vocational crimes.
There are multiple types of white-collar crime and case law has recognized several types. It is evident that insider trading has been recognized well before other cybercrimes as an important type of white-collar crime. The provisions of law as well as the remedies available for white-collar crime are developed and improved frequently in today’s world. The changes in technology and online presence of shopping, trading, and e-commerce activity is also prone to fraud and numerous other crimes. The online identities are used in several ways by criminals to unlawfully damage the financial, business, and trade position of individuals and corporations (Friedrichs, 2009).
It is observed that case lawsprovide a consequential foundation for defining the scope and legal remedies of white-collar crimes. However the latest legislation is perused in terms of highly effective measures for internet fraud. It is also categorized as white-collar crime. The laws developed should be in line with the motive to provide required dressing of graveness of the victims. The role of executive branch for improving the implementation of white-collar crime cannot be underestimated (Friedrichs, 2009). There had been several improvements since the inception of cybercrime laws. The unlawful access, sharing, usage, and damage of identity should be brought under strict implications.
According to Friedrichs (2009) antitrust laws, monopolistic practices, unlawful use of information for financial or information gain should be strictly implemented. The white-collar criminals should be prosecuted under strict legal conditions. It is also noted that white-collared criminals has a large amount of resources at their disposal. It also allows them to find ways in deceiving the system. The white-collard crimes are more dangerous in financial and business terms. The increasing amount of financial frauds and business crimes can only be controlled through effective law making. The white collar criminal laws should consider the dressing of grievances in accordance with the financial and credibility losses experienced by the victims.
Best way to re-coup losses:
The increased usage of internet and cyber means to do business is prone to fraud at multiple levels. It is highly recommended to follow security measures in e-shopping and sharing of personal information regarding identification numbers, bank accounts, and social security identifications. The criminals use multiple ways to peruse their fraudulent desires. It is also noted that it is a trivial process to re-coup losses. Therefore the requirement for appropriate system for information security is required (Herring, 2007). According to Furnell (2005) the increase in internet fraud is observed by the Internet Fraud Complaint Centre in United States. 48,252 complaints are filed with the center in 2002 with an aggregate of $17 million losses. The survey results in 2003 reveals that over 50% of the white collar c rimes are observed as acts of employees. The misuse of information systems and requirements of information security are increasing with the passing time.
The usage of private investigators in intent crime is a usual practice followed by a number of individuals and companies. The recoup in case of Bernard Madoff is also investigated through private investigators. The financial statement fraud is found to be perpetrated by Enron and Ponzi. It is also evident that internet-based sharing of information has been under strict scrutiny by the legal framework of penalties developed by the Health Information Security. The penalties posed for unlawful access and sharing of information after noncompliance with the legal system allows the victims to recoup the losses in effective manner. According to Chander, Gelman, andRadin (2008) the LinkCo Inc. VS Fujitsu Ltd. is also a notable example of the case in which the company obtained a wrongful coup of losses as per their claim in the court it is also important to note that in some cases a wrongful judgment can be passed if it is not appropriately contested.
Occupational crimes vs. vocational crimes comparison:
The occupational crimes are also categorized as career crimes. It is observed that at first place the criminals pursue the crimes for gains including the property crimes. The supplementary income gained through perusal of the crimes is also noted as the individuals require exciting income gains at the beginning of their careers as criminals. The matter of legitimacy and illegitimate income are least concerned by these criminals. These criminals also make a part of their income through these activities and later they also tend to generate hefty amounts of income from organized crimes including property and other finical gains. The career criminals peruse their income means through taking part in illegal activities. There is an increased risk in perusing criminal career in terms of arrest and conviction. However these criminals adopted multiple means to safeguard their chances of being arrested and conviction. One of the most important factors in career criminology is regarding the perusal of activities and increase in the amount of crimes over time. The career criminals are associated with the fallow offenders and perceive their crimes as means of earning the required amounts for social as well as financial appraisal. The acquisition of techniques and technology to perform crimes is also a significant element of their career path. These individuals use multiple means to adopt and acquire techniques for pursuing their careers to ultimate heights (Xu, Pang, & Huo, 2010).
However on the contrary the vocational criminals have a different attribute towards crime. They peruse their activities under different circumstances (Xu et al., 2010). The stages in life are also relevant to define the relationship between criminal activities as well as the desire to make criminal activities as their careers. The vocational criminals are usually involved in small scale of activities and they are not in possession of latest techniques as well as the technology. The targets of the vocational criminals are mostly observed as vulnerable and it is also observed that they only pursue the acts of crime as a means to support their desires. The small scale crimes are also associated with vocational criminals. The overall economic, business, and job market conditions are also a notable factor in promoting vocational criminals. Availability of appropriate education, job training courses, provisions of vocational trainings for gaining jobs, and availability of part time jobs for youth can reduce the amount of vocational crimes (Miller, 2009). It is not the case in career criminals.
Elements of political white-collar crime:
Friedrichs (2009) concludes that the political crime is committed ion behalf of political parties. The element of personal gain is not present in the perusal of political white collar crimes. The western democratic system also bares multiple flaws. The system eliminates the possibility of a one party system however the two parties’ competition is also a reason to promote political corruption. The involvement of Politian in white collar crimes for personal gains is also observed in democratic countries. The involvement of these lawmakers in criminal activities poses a great deal of challenge for the system. It also allows them not to develop strict laws to reduce and prosecute criminals.
The political crimes of white collar nature are also defined in terms of individual gains for economic enrichment. The second most relevant term is regarding the gain of political advantage for the party or a group within the party. All these political criminal elements combined pose a challenge for the system. This challenge is transferred into the efforts for making effective laws to restrain white collar crimes in the countries.
The requirements for strict laws to reduce the amount of white collar crimes especially cybercrimes are required. The criminal behaviors can be divided into career criminals and vocational crimes. The usage of latest techniques and technology are associated with the career criminals. Both are distinct in their approach towards perusal of the activities. The personal gains and political crimes of notable parties in western democratic system pose a challenge for development of effective laws to reduce white collar crimes in the society.
Chander, A., Gelman, L., & Radin, M.J. (2008). Securing privacy in the Internet age.USA: Stanford University Press.
Friedrichs, D.O. (2009). Trusted criminals: White collar crime in contemporary society. Wadsworth Publishing Company.
Furnell, S. (2005). Computer insecurity: Risking the system. USA: Springer.
Herring, M.K. (2007).Fool’s Gold: Why the Internet Is No Substitute for a Library. USA: McFarland Company Inc. Publishers.
Lewis, L.S. (2011). Con Game: Bernard Madoff and His Victims. USA: Transaction Publishers.
Miller, J.M. (Ed.). (2009). 21st century criminology: a reference handbook. SAGE Publications, Incorporated.
Xu, R., Pang, W., & Huo, Q. (2010). Modern inorganic synthetic chemistry.Elsevier.
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