White Collar

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Definition of 'White Collar'

**White-collar crime** is a type of financial crime that is committed by individuals who work in professional or managerial positions. This type of crime can involve fraud, embezzlement, insider trading, and other financial schemes. White-collar criminals often have access to large amounts of money and resources, which they use to commit their crimes.

**Types of white-collar crime**

There are many different types of white-collar crime, but some of the most common include:

* **Fraud:** This is a type of crime in which someone deceives another person in order to gain something of value. For example, a white-collar criminal might lie about their qualifications in order to get a job, or they might steal someone's identity in order to open a credit card account.
* **Embezzlement:** This is a type of theft in which someone who is entrusted with money or other property takes it for their own use. For example, a white-collar criminal might steal money from their employer, or they might use their position to steal money from customers.
* **Insider trading:** This is a type of fraud in which someone who has access to confidential information about a company uses that information to make money. For example, a white-collar criminal might buy stock in a company before they announce a major acquisition, or they might sell stock in a company before they announce a major loss.
* **Other financial schemes:** There are many other types of white-collar crime, including money laundering, bribery, and tax evasion.

**White-collar crime statistics**

White-collar crime is a serious problem that costs the global economy billions of dollars each year. In the United States, the FBI estimates that white-collar crime costs the economy over $300 billion each year.

**Preventing white-collar crime**

There are a number of things that can be done to prevent white-collar crime, including:

* **Enforcement:** The government needs to do a better job of enforcing the laws against white-collar crime. This includes increasing the penalties for white-collar crime and making it easier for prosecutors to bring cases against white-collar criminals.
* **Education:** The public needs to be educated about the risks of white-collar crime. This includes teaching people about the different types of white-collar crime and how to protect themselves from being victims of these crimes.
* **Internal controls:** Businesses need to implement strong internal controls to protect themselves from white-collar crime. These controls should include things like background checks for employees, separation of duties, and fraud detection systems.

**Conclusion**

White-collar crime is a serious problem that costs the global economy billions of dollars each year. There are a number of things that can be done to prevent white-collar crime, including enforcement, education, and internal controls.

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