17
Dec
2020

How businesses can protect themselves from white collar crime

White collar crime can be hard to detect – and repairing the damage caused by it can be even harder. If you own a successful company, it makes very good business sense to put measures in place to prevent your employees from putting it at risk.

White collar crime

The term ‘white collar crime’ was said to have been coined in the mid-1900s by sociologist Edwin Sutherland. He defined it as “crime committed by a person of respectability and high social status in the course of their occupation.”

From money laundering and embezzlement to bribery and fraud, white collar crime is the term given to non-violent acts that have been committed for financial gain. Characterised by deceit, these types of crimes have the potential to be very damaging to individuals and businesses.

To preserve your success and reputation, it’s in your best interest to resolve any matters privately. By utilising the likes of law firm Withers, their team of highly skilled professionals will be able to strategically manage your risks.

How to avoid this type of crime

White collar crime could happen at any time, which is why it’s imperative that certain safeguards and precautions are put in place to protect your business.

To prevent this type of crime, ensure that the follow systems and practices are put in place:

  • Screen your employees properly: Before hiring any new staff, it is vital that you ensure they have the qualifications they say they have, and a record of honesty at their previous companies.
  • Ensure you have a trusted employee to provide you with any tip-offs: A whistle-blowing employee could save you a lot of money, time and stress. They will be your primary source of information about underhanded practises going on within your organisation.
  • Invest in network security: The internet has made it very easy for white collar criminals to steal information. By investing some money into a reputable IT company or consultant, they will be able to protect your business against viruses and hackers.
  • Implement a zero-tolerance policy: All employees within your business should be made aware that there is a zero-tolerance policy for workplace-related activities related to fraud and theft.

Monitoring illegal activity within a business

As a business owner, you are in a very vulnerable position. Whether your company specialises in finance, art or technology, there is always a risk of investigation. In the event of an investigation, there are many services available that businesses can utilise in order to protect themselves.

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