Thus, it is important to discover suitable social defence resolutions to prevent, detect, investigate and prosecute such criminals and curb this increasing menace of white collar crimes without discouraging healthy business growth.
Big fines paid by businesses that break the law provide no incentive for companies to change cultures that lead to that illegal activity, says Jed S.
Despite passing such legislations, white collar crimes have grown commensurately in the nation and mostly go undetected, unprosecuted, and unpunished due to lack of police or authoritative efforts in implementation of such laws or sometimes the legislators and law implementers belong to the same class to which the occupational criminals belong.
Also such criminals are educated, intelligent, rich and confident enough to defraud their victims into believing and trusting in their credentials.
They would have paid any amount of money, done anything to avoid going to prison.
So prison does have a major deterrent effect,” he says.
The task now is to develop better ways to control and prevent white-collar crimes.
In this paper, we argue that in order to reduce white-collar crime we must first identify the specific opportunity structures associated with the offenses we wish to prevent.
Hugh Barlow, mostly white collar crimes are committed by the people of lower social strata in their occupational capacity for instance adulteration of milk by the milk man, selling adulterated food by the shopkeeper, selling expired medicine, taking out few kilos of gas from the cylinder etc.
In fact many cases of insider trading, perjury, obstruction of justice, tax fraud, bribery, extortion etc. White Collar crime is more dangerous than any ordinary street crime because the financial loss to the society from white collar crimes can devastate an entire community rather than robbing a lone victim.