White-Collar Crimes and Index Crimes Research Assignment

White-collar crimes and index crimes
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White-collar crimes are crimes perpetrated by middle and high-income individuals for financial gain, who utilize deceit and violation of people’s trust (Barnett, 2002, pp.1). White-collar crimes are serious crimes due to several reasons. Firsts, according to Healer and Serafeim’s article in Harvard Business School, the crimes account for 4 percent of all criminal activities in the U.S, which costs the country 300 to 600 billion dollars a year (Healy, & Serafeim, 2016, pp. 2-3). Secondly, despite their lack of violence, they affect about 62 percent of all Americans, with its prevalence rising steadily. Further, their consequences to individuals leave far worse consequences. For instance, they cause financial problems through stealing one’s saving, plugging people into debt, destroying their credit score and wasting people’s time and money. Also, they destroy businesses by causing them to lose customers, causing the companies to each incur five percent loss in revenue each year to fraud, and cost i...