Credit Card Fraud And Money Laundering

White collar crime, as a rule, is less visible than conventional crime. A white collar crime, by definition, is a non-violent act involving deception, typically committed by a business person or public official. lawyershop.com

1. Case Study:  “Don’t Let Crooks Steal Your Identity: How to Protect Yourself-and Your Credit Rating” (p. 225)

This case study revolves around the United States of America v. Robert Durandis, Donald Charles, Gilbert Pierre-Charles, Manual Reyes-Gonzalez case, which entails the crime of conspiracy to commit credit card fraud via the use of access devices. An access device is defined as “any card, plate, code, account number… or other means of account access that can be used, alone or in conjunction with another access device, to obtain money, goods, services, or any other thing of value, or that can be used to initiate a transfer of funds” (LII, n.d.). The series of events occurred from November 23rd, 2013 till July 24, 2014; the defendants conspired and devised a plan to commit fraud using counterfeit access devices to obtain a value earning of more than one thousand dollars (United States of America v. Robert Durandis, et al, 2014). The manners and means of the defendants to

It is important to first gain an understanding of the various types of fraud, in order to aid understanding in regards to the prevention of fraudulent activity. This paper begins with a review of the definition of financial fraud, and identification of the different fraud types. Further, included is an examination of what motivates individuals to commit fraud, including an identification of some of the method in which people commit fraud. A discussion of the importance of the fraud triangle, and how rationalization contributes to fraud is a key area of focus. Finally, there is an examination of some controls that prevent and detect fraudulent behavior, including the value and importance of understanding the nature of fraud for

Currently, white collar crime is one of forms of crime that legal authorities are constantly combating. According to Hasnas (2004), a white collar crime is a non-violent crime committed by someone, especially to achieve financial realisation through deceit. The term “white collar crime” was coined by Edwin Sutherland in 1939 defining it as “crime committed by a person of respectability and high social status in the course of his occupation” (p. 579). This crime is usually brought to the attention of the police and other relevant authorities from information acquired from whistle blowers, auditors or forensic accountants. Perpetrators of this crime are mostly managers, executives or even office workers.

Most people, when they hear the word “crime,” think about street crime or violent crime such as murder, rape, theft, or drugs. However, there is another type of crime that has cost people their life savings, investors’ billions of dollars, and has had significant impacts of multiple lives; it is called white collar crime. The Federal Bureau of Investigation defines white collar crime as

White-collar crime is defined as the financial motivations of non-violent crimes that are committed by professionals of business and those of the government. In the field of criminology, Edwin Suthelan (1939), a socialist who was the first person to define white-collar crime as a crime that respectable and those people of higher social status commit. The crimes include those associated with fraud, bribery, embezzlement, cybercrime, money laundering, theft of the identity and many more crimes that are nonviolent. For the white collar crimes, the offenses committed should produce some gains financially. The crimes are thereby committed by those persons holding various positions in businesses or organizations, and it is because of this position they can gain access to amounts of huge money that they get from the people like customers with whom they serve. The criminals involved are not caught in activities that are violent, involved in drug issues or illegal activities.

Embezzlement may occur in many different circumstances. Sometimes, it can cost a person to lose millions of dollars to another individual or something as simple as a small, every day product. Embezzlement may be defined by “fraudulent conversion of another 's property or money by a person to whom it has been entrusted.” (4*) For example, if a waitress in a restaurant were to take your order, bring your food, and proceed to collect the payment without punching it into the computer. Instead she chooses to

In 1939, American sociologist Edwin Sutherland introduced the phrase “white-collar crime”. White-collar crime is a nonviolent crime committed by a business or large corporations. They are usually scams or frauds to gain wealth in society. The people who are guilty of this crime lie, cheat and steal from investors of their company or business. Even though these crimes are non-violent, they have major impacts on the society. Their companies become non existent and families get destroyed. All of their life savings and savings for their children get taken away, and they become bankrupt. Not only does it affect their families, the investors who believed in their business lose millions or even billions of dollars.

Recently the issue of white-collar crime has gained a lot of attention and it is quite common to notice such cases in any part of the world. The term itself is rather old as it was coined by Edwin Sunderland in 1939 and white-collar crime is defined as crime committed by a person of respectability and high social status in the course of his occupation (Payne, 2013). The

In this day and age, a corporation, family, or individual always has a potential risk of encountering fraud within their money supply. On average, fraud and abuse costs U.S. organizations more than $400 billion annually (Federal Bureau Investigation, 2010). Many may think that white collared crime is only money laundering or stealing, but that is only two out of the sum that countless culprits get away with. The term “white-collar crime,” originally coined in 1939 is synonymous with the full range of frauds committed by business and government professionals (Federal Bureau Investigation, 2010). These frauds include anything from bankruptcy fraud, money laundering, identity theft, corporate fraud to a wide number of threats all circling

The term is used to describe crimes committed by individuals of high status and social reputation during the course of their occupation (Sutherland 1940, 2). Since no discrete group of offences can be readily recognised as a ‘white-collar crime’, there is a difficulty in identifying the subject matter of this crime (Freiberg 2000, 2), producing ambiguity in the understanding of the crime and its representation in the media. This form of crime has remained a complex phenomenon for social scientists seeking to understand the reasoning behind one’s deviant behaviour (Stephenson-Burton 1995, 133), as the crime is often driven by financial greed instead of desperation. Additionally, compared to common law crimes, the area of criminal law regulating white-collar offenders is a new phenomenon that requires progressive developments as legislators respond to new threats to public safety and economic security (Moohr 2015, 120-121), hence people are less likely to be familiar of this realm of crime. The examples of white-collar offences range from embezzlement, fraud, forgery, violations against securities law and money laundering (Freiberg 2000, 2). For the purpose of this essay’s analysis, the examples are narrowed down to focus on offences such as fraud and business

White-collar crime was defined by Edwin Sutherland as a "crime committed by a person of respectability and high social status in the course of his occupation." Since this term was invented by Sutherland in 1939 during his speech for American

In this paper the exciting criminal phenomenon known as white-collar crime will be discussed. Corporate Crime and Computer Crime will be discussed in detail. Crime preventative agencies such as the NCPC (National Crime Prevention Council) will also be researched. White Collar Crime The late Professor Edwin Sutherland coined the term white-collar crime about 1941. Sutherland defined white-collar crime as "a crime committed by a person of respectability and high social status in the course of his occupation" (Siegel 337) White-collar crime includes, by way of example, such acts as promulgating false or misleading advertising, illegal exploitation of employees, mislabeling of goods, violation of weights and measures statutes, conspiring to

The less sophisticated thieves have perfected the art of “dumpster-driving” rummaging through trash. Abusing employer’s authorized access to credit reports or some even playing ‘landlord’ has given them unauthorized access to victim’s reports. Some victims have been scammed fro information by an identity thief posing as a legitimate businessperson or government official. In the most recent news from Concord, NC (Aug. 19, 2004), the police have uncovered a more sophisticated case of ID theft. The newspapers stated, “Authorities think a portable credit card reader, or skimmer, was used to read personal information off a credit card’s magnetic strip. Then those details were applied to the strip on the back of a different cared.”