White-Collar Crimes

White–collar crime ‘refers to offenses that produce financial gain using some form of deception’ (HG Legal Resources, n.d.). This sort of crime tends to be committed in the workplace and can include various forms of fraud, embezzlement and money laundering (Goldstraw-White, 2011). 

By understanding these different types of white-collar crimes, organisations are less susceptible to criminal activities as they are able to detect the “red flags” of a potential fraud (Doig, 2013, p. 2). However due to the rapid advances in technology, each generation experiences its unique style of white-collar crimes where the main drivers of fraud continue to be motivation, opportunity and rationale (KPMG, 2013). Therefore, it would also be beneficial for organisations to acknowledge the changing environment of technology by being able to detect the behaviour and main drivers of a fraudster to minimise fraud.

A short film that brings awareness to white-collar crimes.

A prime example of a white-collar crime was mentioned in my lecture where a fake Tahitian prince used his occupation as a QueenslandHealth Finance Officer to steal a total of $16.6 million from taxpayers (Elks, 2013). This headline shocked me as it revealed that even in big Government organisations, employees are still able to commit fraud without discovery for several years. 

As a result, it is recommended that organisations implement effective corporate governance by measuring the risks associated with white-collar crimes and then apply controls to prevent them from occurring (Gottschalk, 2010).   

References:

Doig, A. (2013). Fraud [EBL version]. Retrieved from http://reader.eblib.com.au.ezp01.library.qut.edu.au/(S(jobyekbihchsv5p2fkcrwdqn))/Reader.aspx?p=449650&o=96&u=pfNlRreRocD1%2buKKt%2bpFTw%3d%3d&t=1428644993&h=9E854FE46817A7267273F42D16A770022F3029A8&s=18095315&ut=245&pg=1&r=img&c=-1&pat=n&cms=-1&sd=1#

Elks, S. (2013, March 13). Fake prince Joel Morehu-Barlow sentenced to 14 years for theft of $16m from Queensland Health. Retrieved from http://www.theaustralian.com.au/news/nation/fake-prince-joel-morehu-barlow-admits-theft-of-16m-from-queensland-health/story-e6frg6nf-1226600526411

Gottschalk, P. (2010). White-Collar Crime: Detection, Prevention and Strategy in Business Enterprises. Retrieved from https://books.google.com.au/books?id=W8SlfQX39BQC&pg=PA117&lpg=PA117&dq=detecting+white+collar+crime&source=bl&ots=jm8a2oIQ5b&sig=UInv_mJrDOrST8jjOYP9tLTmMpg&hl=en&sa=X&ei=S4koVe2FPMHj8AXG14D4DQ&ved=0CEwQ6AEwCDgK#v=onepage&q=detecting%20white%20collar%20crime&f=false

HG Legal Resources. (n.d). White Collar Crime. Retrieved April 9, 2015, http://www.hg.org/white-collar-crime.html

Janice Goldstraw-White. (October 2011). White-Collar Crime. Retrieved from http://www.palgraveconnect.com/pc/doifinder/10.1057/9780230355521.0001

KPMG. (2013). Technology and the information age create new fraud era. Retrieved from http://www.kpmg.com/AU/en/IssuesAndInsights/ArticlesPublications/Press-Releases/Pages/new-tech-creates-era-fraud-11-nov-2013.aspx