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'White-collar crime never hurt anybody'. Discuss

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Introduction

Assignment 2 - 'White-collar crime never hurt anybody'. Discuss We have entered the age of white-collar crime. A time when the words thieves and businessmen go hand in hand. White-collar criminals don't get their hands dirty in their work. They use their heads to get what they want instead of using a little muscle. But are these criminals are just as dangerous as the rapists and murderers? White-collar crime is the category of crime that tends to be committed by professionals, people who know how to bend the rules within the system and take what doesn't belong to them, without getting caught. Securities Fraud, Insider Trading, Bank Fraud, Tax Fraud, and Money Laundering are all examples of white-collar crime. The more common White Collar crime includes: Bank Fraud: Defrauding banks of their money, Cellular Phone Fraud: The unauthorized use, tampering, or manipulation of a cellular phone or service. Computer fraud: Where computer hackers steal information sources contained on computers such as: bank information, credit cards, and personal information.(Levi 2001) There are some more types of this crime such as; Counterfeiting, this is 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 often associated with money however can also be associated with designer clothing, handbags, watches etc. ...read more.

Middle

Often, this type of fraud results in victims losing their life savings, leaving them financially and emotionally devastated. The victim of an assault will recover, however, the impact of a fraud can last a lifetime. This is especially true when the elderly are victimized, as they have little or no hope of re-establishing themselves in financial terms. The elderly have been a particularly vulnerable group to white-collar crimes because of their trusting nature. Such things as food poisoning have been issues, where seriously out of date food is sold and the sale of low quality goods and in some cases extremely dangerous home appliances. Pension fraud is the other category of this crime, businessmen may approach older couples with talk of great investment opportunities, which would double their money, only to pocket the money and vanish. Victimisation can also be gendered as suggested in (Croall, 2001), for example: Women are constantly looking to improve the way they look, it is because of this that fraudsters take advantage of women's weakness. Some women were sold items like contraceptive pills, beauty applications and make-up, other things like perfumes which are easily faked and sold by the ton to unsuspecting buyers, dietary supplements is another item with a high health risk. ...read more.

Conclusion

On the other hand monster businesses with very deep pockets suffer minor losses from time to time, whether to do with lawful or unlawful activities, yet they are able to completely make a recovery without any personal injury towards the company. In this sense white collar crime is victimless, whether it is moral is another question. The overall cost of most corporate and white collar crimes are very high usually, this mean business' will make an attempt to hold them selves together and find a way of making back any money lost. There are various ways companies tackle this, some raise prices on their retail goods or they might apply budget cuts and possibly wage cuts. These factors along with many others is what is eroding the publics confidence In big companies. People entrust themselves to one company which they are loyal to but situations like these can devastate the company's image and once this happens it takes a long time to build up the trust and confidence of clientele. It is hard to look at news and not feel angry when you hear of a top official in a company who has been embezzling money for years then gets away with it. It makes everyday normal people think they can get away with it, only when society comes together to try and make a difference and put a stop to it will there be a change. ...read more.

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