Economic crimes can take many forms, but they all share one common goal: to deprive someone else of their money or property. First, this blog post will discuss the most common types of economic crimes. Then, we will briefly describe each type of crime and some tips on protecting yourself from becoming a victim. Also, remember to contact an attorney like the Border Defense Network if you have been accused of an economic crime.
Crime #01: Money Laundering
Money laundering is an economic crime involving hiding or disguising the source of money or property obtained through illegal means. This can be done by transferring funds through multiple accounts, using false invoices, or investing in shell companies.
To protect yourself from money laundering, be aware of the signs that might indicate someone is trying to launder money. These include making frequent deposits or withdrawals in cash, wire transfers to foreign countries, and large purchases with cash.
Crime #02: Embezzlement
Embezzlement is the theft or misappropriation of funds by a person who has been entrusted with those funds. This can happen in both the private and public sectors and often involves using the funds for personal gain. For example, an employee might embezzle company funds by creating false expense reports or using company credit cards for personal expenses.
It is important to have strong internal controls to prevent embezzlement. This includes separating duties among employees, conducting regular audits, and requiring documentation for all expenditures.
Crime #03: Bank Fraud
Bank fraud is an economic crime involving deception to obtain money or property from a financial institution. This can be done by creating false documents, making false statements, or using someone else’s account without their permission.
To protect yourself from bank fraud, be careful about who you give your banking information and never provide your PIN to anyone.
Crime #04: Credit Card Fraud
Credit card fraud is an economic crime involving using a credit card to obtain money or property illegally. This can be done by making false statements on a credit card application, using a stolen credit card, or making unauthorized charges on someone else’s account.
To protect yourself from credit card fraud, never give out your credit card number online or over the phone unless you are sure you are dealing with a legitimate company. Instead, check your monthly statement carefully for unauthorized charges, and report them to your credit card issuer immediately.
Bottom Line:
Economic crimes are becoming more and more common. Protect yourself by being aware of the different economic crimes and taking steps to safeguard your personal information. Contact the authorities immediately if you think you might be a victim of an economic crime.
