Watch Out for Purchasing & Procurement Fraud: A White Collar Crime

White collar crime is a term that refers to the passive behavior or rightly said as unlawful behavior committed by professionals in the field of both business and government or commonly know as white collar workers, hence the word for such type of crime is fairly well known as white collar crime. It is a kind of crime which might involve theft, violation of trust, purchasing and procurement fraud that occur when the white collar worker is employed in a particular company, where the crime is secretly taking place. It is very alarming that this type of crime (white collar) is getting increasingly frequent in the workplace regardless of it being a small scale business or the huge one; any size business is vulnerable to purchasing and procurement fraud today. The higher the positions of the white collar workers, the higher and more complex the fraud of such type of unlawful actions are taking place in any business sector. Sadly, there are many cases of purchasing and procurement fraud that go undetected, where the crime and the white collar criminal get off with their crime very easy, without even getting noticed by anyone. There has been increasing number of purchasing and procurement frauds cases in several recognizable companies over the past several years. No doubt, in recent times; there have been a lot of fraud cases which involved white collar crimes; one of the most talk about fraud cases was the case of 2104 of JP Morgan and his colleagues manipulating with the fixed rates and as well as trigger the clients for ‘stop loss’ orders.. Because of which British, US and Swiss have fined five global banks, which included Citibank, Royal Bank of Scotland, JPMorgan Chase Bank, UBS and HSBC Bank for attempting to manipulate the foreign exchange market. You can read the full story by visiting http://m.newser.com/story/198560/5-banks-fined-34b-for-market-manipulation.html This case is one of the famous cases when it comes to fraud, where these white collar criminals are attempting to manipulate the foreign exchange market and getting to trigger a financial crisis. They had been doing it for a long time undetected, but in the end did get caught and now have to face the judges in court. They are many more cases of white collar crime in business of all sizes. Some are only discussed in the local news and others larger cases make national headlines. You don’t want this to be your business in the headlines one day. It is better to get a thorough check of your business bank account and details of our workers as well. Put safety precautions in place as much as possible so you don’t need to have to go through the purchasing and procurement fraud.