Monday October 21, 2019
Home Lead Story A Quick Guide...

A Quick Guide to White Collar Crime

Take care that you never fall victim to a white collar crime and don’t be afraid to report it to the police if you do

0
//
Cyber crime, U.S. programming
A man types on a computer keyboard in front of displayed cyber code in this illustration picture. VOA

There are many different types of crime all with their own legal definitions and police proceedings. This is because depending on the crime, it will have to be handled in the correct way. White collar crime is one type of offence which is often spoken about as individual crimes but never as one whole genre. What do we mean by white collar crime? Let’s take a look.

What is White Collar Crime?

White collar crime includes; theft, fraud, identity theft and forgery as well as many other types of crime that involve money and are nonviolent. The FBI deals with these crimes in the US, however in the UK, the police will be involved and then will be transferred to a team depending on what the nature of the crime is. There are many different branches of police which deal with these offences, from Vice to the National Crime Agency.

Theft

There are some different types of theft that you can fall victim to, for example, theft of personal belongings, shop goods, robbery, armed robbery and many others. Each of these types of theft can cause a lot of stress to a person and it can be difficult to deal with. When you fall victim to theft, it is always important to report it to the police straight away to make sure the incident can be dealt with as soon as possible. Try to leave the scene of the crime as untouched as possible as that will help the investigation.

Fraud

Another type of white collar crime is fraud; this can happen to anyone and can be done in a number of ways. All it takes is for you to enter your details into a fake website where someone can then access your details and pretend to be you, which means you can then end up losing money. Never open a link in an email if you don’t trust it and always be sure that you don’t give out valuable information like bank account details over the phone.

crime
There are many different types of crime all with their own legal definitions and police proceedings. Pixabay

Forgery Crimes

Like the rest of the white collar crimes, you will find that there are many different ways you can be a victim of forgery crimes. This is because people can forge art and archaeological artefacts and sell them on to buyers at the same price or more than what an original piece would cost.

People also forge items such as documents, designer brands, and even money. When it comes to forgery, sometimes it is impossible to tell if the item is real or not which makes it so hard to tell without expert help. In order to avoid falling victim to a forgery fraud, only purchase items from well-known sellers or seek expert advice before purchasing. Most high-end brands will be able to provide a list of their third-party stockists.

Also Read- Asian Markets Fall Steeply over Signs of Escalating US-China Trade Tension

In Conclusion

Overall, white collar crimes might not always be life-threatening crimes as much as some other crimes can be; however, they can still cause huge stress or impact on the victim’s life. Take care that you never fall victim to a white collar crime and don’t be afraid to report it to the police if you do.

Next Story

Use of Artificial Intelligence (AI) for Fraud Detection to Triple by 2021

Texas-based ACFE is the world’s largest anti-fraud organization and premier provider of anti-fraud training and education

0
The enterprise solutions major has integrated SAP CoPilot with the
"A tectonic shift is happening in AI. Nearly 85 per cent of enterprises globally will use AI in some form or the other by 2020.

As cyber criminals find new ways to exploit technology, a new survey has said that the use of Artificial Intelligence (AI) and Machine Learning (ML) for fraud detection globally would triple by 2021.

While only 13 per cent of organizations use AI and ML to detect and deter fraud, another 25 per cent plan to adopt such technologies in the next year or two — a nearly 200 per cent increase, revealed a global survey by the US-based Association of Certified Fraud Examiners (ACFE) with global analytics leader SAS.

“As criminals find new ways to exploit technology to commit schemes and target victims, anti-fraud professionals must likewise adopt more advanced technologies to stop them,” Bruce Dorris, President and CEO of the ACFE, said in a statement late Monday.

About one in four organizations (26 per cent) use biometrics as part of their anti-fraud programmes and another 16 per cent foresee deploying biometrics by 2021.

“More than half of organizations (55 per cent) plan to increase their anti-fraud tech budgets over the next two years,” the findings showed.

By 2021, nearly three-quarters of organizations (72 per cent) are projected to use automated monitoring, exception reporting and anomaly detection.

AI
“We’re beginning to see the first instances of artificial intelligence operating as a mediator between humans, but it’s a question of: ‘Do people want that?” Pixabay

Similarly, about half of organizations anticipate employing predictive analytics/modeling (52 per cent and up from 30 per cent as of today) and data visualization (47 per cent from current 35 per cent).

The survey examined data provided by more than 1,000 ACFE members about their employer organizations’ use of technology to fight fraud.

Also Read: Services Platform UbanClap Now Arrives in Abu Dhabi

The survey respondents hailed from 24 industries globally. The size of their employer organizations ranged from less than 100 employees to more than 10,000.

“The dramatic rise of AI, ML and predictive modeling reveals that, beyond the hype, advanced analytics is helping investigators keep steps ahead of increasingly sophisticated fraudsters,” said James Ruotolo, Senior Director of Products and Marketing for Fraud and Security Intelligence at SAS.

Texas-based ACFE is the world’s largest anti-fraud organization and premier provider of anti-fraud training and education. (IANS)