Define white-collar crime. What are the different ways to minimize white-collar crimes?

Question

What will be an ideal response?

Answer 1

White-collar crimes are those primarily committed by managerial, professional, and technical employees. They include the falsification of accounts; fraudulent accessing and manipulating of the computer; bribing of purchasing agents and other officials; collusion that results in unrecorded transactions; sale of proprietary information; and sabotage of new technology, new or old products, or customer relations.
Some deterrents that can be used include audits, being aware of employee work habits, identification, and bonding. Also, small firms that use computers may need the services of a firm with computer security expertise. Audits of data such as past sales transactions, inventory levels, purchase prices, and accounts receivable may uncover undesirable activities. Ralph Nader suggests a dozen reforms for cracking down on corporate crime:

a. Track the extent and cost of corporate crime.
b. Increase corporate crime prosecution budgets.
c. Ban corporate criminals from government contracts.
d. Crack down on corporate tax avoidance.
e. Restore the rights of defrauded investors.
f. Democratize corporate governance.
g. Rein in excessive executive pay.
h. Regulate derivatives trading.
i. Expand disclosure.
j. End conflicts of interest on Wall Street.
k. Fix the pension system.
l. Foster a national discussion on corporate power.