White Collar Crimes Essay

1237 words - 5 pages

Embezzlement and Credit Card Fraud

In almost every case, white collar crimes are committed by businesses and government professionals, and are generally of non-violent nature, in which are financially motivated. The Federal Bureau of Investigation now associates a wide range of fraudulent crimes as being white collar. Credit card fraud and embezzlement are two amongst those on their list. This paper will discuss what and how these two crimes are committed, the impacts each have on businesses, and what tools are available to reduce the opportunities of each crime.
First, lest start by defining embezzlement. In a nutshell, embezzlement is the theft or misappropriation ...view middle of the document...

Grassi we see the emotional effects as well as the changing of future plans by both women. However, there are several other impacts that come from this crime; the most important of all is loss of revenue. This can then have a chain reaction. For instance, due to the loss of revenue, a business cannot hire new employees or expand. Customer and investor confidence may be lost, since these types of cases are open to the public. Then there is the worst case scenario in that a business is forced to shut down due to its losses. In short, embezzlement can drastically change a business entirely. So the biggest question is, what tools are available to reduce the risk and opportunities of an embezzlement case?
According to Dana Turner, a security and training consultant, “embezzlement is one crime that is nearly 100% preventable” (Swope). With that being said, the first step to any prevention program is to analyze the risk. “An effective risk assessment device is an essential tool for security officers in determining an institutions vulnerability”, says Turner (Swope). The next step is to analyze the areas of risk. These areas may include: culture, the company’s environment, company procedures and policies, and company documents and/or records. In almost every case, embezzlers will pray on the weakest link amongst these areas. Therefore, having a well written and implementing a prevention program is crucial to reducing the risk of embezzlement.
Next, we move on to credit card fraud. With the vast evolving world of technology, it seems as though nothing is safe anymore. Many of us now use the internet to pay bills, make purchases of goods and services, and sell items on a daily basis. Though it is not just the internet we have to be cautious about. Giving out personal information like credit card numbers, social security numbers, account information, and so on over the phone is just as risky. Credit card fraud can be defined as the act of using a credit card without the authorization of the true card holder. In this, there are two different schemes scammers will use; they are called “card present” and “card not present”. Both schemes are pretty much described as they sound. Card present is the act of an unauthorized user steeling the card from its holder and using it for the other users own purchases. Card not present is the act of an unauthorized gaining account information without having the actual card. Therefore, it is critical for anyone whom has a credit card to be aware of the risk. Credit card fraud is a very large issue and not one to be taken lightly. The affects alone can hurt a business or any one person. Remember back in 2014 when the Target Company was hacked? Millions of customers card information became compromised; and although customers whom were...

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