How to Avoid White-Collar Crimes for a Successful Business

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While talking regarding industry-related crimes, most executives and business owners find the main source of damage to be shoplifting, burglaries, and robberies. No one wants to think of their own employees engaging in such acts, but studies show that employees cause more than 40% of all business-related robberies. Employee theft is not restricted to a store buddy sneaking a $20 out of a ledger or a dock worker grabbing a shipment of goods. White-collar crimes are a much more expensive problem and need to be known to both small business owners and corporate executives.

What Is White-Collar Crime?

Have you ever heard a news story about authorities arresting a business executive for stealing millions of dollars from their employer? Maybe the executive set up fake foreign bank accounts or tricked creditors out of their hard-earned money. These are instances of white-collar crimes that can lose a business its credibility, and cost savings to customers for a lifetime.

White-collar crime is deemed a non-violent type of crime, but it can kill all kinds of enterprises. White-collar offenses are usually perpetrated by trustworthy employers who, without criminal prosecution, may manipulate financial and business information.

White-collar criminals often participate in non-violent criminal activities that often involve thievery, stealing, and manipulating to unlawfully gain money or property from other people, organizations, or entities of private, state, or government. There are many white-collar crime law firms working on betterment and safety purposes.

1.         Spend Money on IT or Network Security

The use of computers and the internet has really made a lot of stuff very easy. But business owners should always be on the watch as crooks are much more subtle today. Often, they use high-tech devices to steal items or information. Citizens should engage in IT services to prevent becoming a target of white-collar criminals. A reputable IT consultant or organization may propose ways to protect a business better against hackers and hurt device ransomware or viruses.

2.         Apply a checking system

Protecting business information is critical. Competition is fierce, and data breaches will cost many millions of dollars to a company. The application of a system of checks is truly beneficial. How’s this turning out? So, when people visit a certain workplace or perhaps a street, they can sign in, or have access IDs.

3.         Anonymous Reporting

Employees can be hard to trust. Yet business owners will have more confidence and trust in their workers because they realize their staff has no criminal records. Having a background check is very advantageous, as this provides details of any incident in an employee’s history that might help his bosses discern what kind of individual he is. Provide a way for all employees to file complaints and report anonymously on ethical/criminal conduct. The most effective way to do that is to register with an anonymous third-party reporting agency where employees can call a hotline to voice their concerns. The agency will then forward notification of the concern for investigation and follow-up to the appropriate executives within your company.

4.         Zero Tolerance Policy

Implement, publish, and execute a zero-tolerance policy for workplace-related activities pertaining to theft and fraud. A successful strategy is the best defense against white-collar crime. Make employees mindful of the zero-tolerance policy and explain what the consequences of such behavior will look like.

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