White Collar Crime Is A Bigger Problem In Business Than You Think

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Many people go into business, believing that they can trust the people around them. Unfortunately, that is not always the case. Being able to trust your co-workers is more complicated than you might think. 

One of the problems is the enormous amount of white-collar crime happening throughout the business world. People with respectable educations and fancy job titles are just as prone as everyone else to being dishonest and stealing money if they think that they can get away with it. 

The problem is now so bad that the Security and Exchanges Commission introduced a new law in 2009 that would allow it to inspect investment houses without giving prior warning. Companies would have to hand over all their documentation and show the SEC precisely what they were doing at any given moment. 

The history of white-collar crime goes back a long way. While the term was first coined in the US in 1939, instances of similar activities stretch back to the ancient world, perhaps as far back as ancient Greece, 300 BC. 

The cost of white-collar crime for US organizations is enormous. Estimates suggest that workers with respectable middle-management careers cost their employers millions in lost revenues and fines. 

The following infographic shows the extent of the problem in a little more detail. It looks at both the financial and health and safety impact of white-collar crime. It also investigates the rising trend of “green-collar crime” as people take advantage of environmental policy. Read on to find out more. 

Infographic by University of Southern California