White collar crimes are often more sophisticated and expensive than their street-crime counterparts, which can make prosecuting them more difficult. Even so, the high cost of white collar crime is a deterrent to some criminals. There are many different types of white collar crimes in Texas. For example, these financial frauds are committed by imposters who take on fake identities with fake credentials in order to get better rates on loans or credit cards.

White collar crimes are defined as non-violent, usually non-violent offenses committed by white-collar employees rather than blue-collar workers. Texas is one of the states to be hit hard with these types of crimes. They account for about half of all crimes in the state that lead to incarceration. According to the Texas Penal Code, white collar crimes are punishable by fines, probation, or confinement in prison. You will need to hire a Pearland criminal lawyer for legal assistance if you have been accused of a white collar crime.

Let us now see the most commonly reported white collar crimes in Texas.

  • Embezzlement

According to the Texas Department of Public Safety, there were 6,347 "suspected white collar crime" arrests made in 2016. This included embezzlement cases considered as one of the most common types of white collar crimes. Fraudulent embezzlement occurs when an individual steals money or property from their employer by diverting cash, supplies, or other assets to themselves. The person may or may not be in a position of authority when committing the theft for financial gain.

  • Bank fraud

The state of Texas has seen a significant increase in white collar crime, with the number of complaints filed by individuals on behalf of financial entities for bank fraud reaching an all-time high in recent years. The reason for the rise in this type of crime is due to the increased dependence on technology and how risky some schemes have become. Bank employees are at risk because they are easily victimized through phishing scams, while customers are targeted through data breaches which can lead to identity theft.

  • Tax crimes

Some of the most common white collar crimes are tax crimes. Tax crimes are usually committed by those who have a higher income and expect to be able to pay either smaller fines or no fines at all. One of the most common ways to defend oneself against tax crime accusations is that one may not be aware that they owe taxes or were not told by an accountant how much they owed.

The insurance industry has been rife with fraud and scams for decades, but it is getting worse as the level of digital sophistication increases. Insurance fraud is a serious offense with huge consequences. The Federal Bureau of Investigation (FBI) estimates that insurance fraud costs victims around $40 billion every year. They also estimate that the number of incidents is significantly underreported by as much as 60%.


Author's Bio: 

Parker shown is a full time blogger and can be contacted at parkershown99@gmail.com