According to a report released by the Indian National Bar Association (INBA) in 2019, there have been around 6,533 corruption cases since 2009. These crimes are not ordinary robberies or robberies; Therefore, they cannot be controlled by surveillance cameras or CCTV. It requires a thorough knowledge of all the illegal techniques called white-collar crimes.
White-collar crimes can be committed by individuals or at the corporate level. Due to the advanced technology now available, even white-collar crimes committed by one individual can result in losses estimated at tens of millions of losses for the victims.
Here's how organizations can avoid them:
Keep attentively monitoring employees
Organizations should check the qualifications of their employees and look for red flags that could be in the form of phony accreditation / false statements before hiring. This ensures that the organization has strong ethics. For a background check on a representative, criticism from previous employers on the basis of morale, bad practices, how to handle a particular task, etc., can be a beneficial practice. A comprehensive examination should also include an evaluation of previous bank statements, taking into account the standard of living and any unexpected changes in them, if any.
Promote and maintain transparency
Integrity at work is a vital factor for employees based on ethics and helps to establish a reasonably conscious order throughout the organization. The transparent way of doing business can also overcome the dangerous culture of fraud and bad practices and reflect the laws in place to prevent this type of wrong business, including money, company records, customer information, etc.
Improving IT systems
Too often hackers sneakily obtain data and the business owner may find out about the theft when things go wrong. What is left as an option is a legal support and a lot of money to fix things, which may also have damaged the reputation or goodwill of the organization. To try not to become a victim of white-collar crime, organizations must invest money in IT security. A robust network or IT support can do wonders to improve a business and protect it from hackers or potential virus attacks.
Constant inventorying of equipment and supplies reduces the risk of theft. It is also a useful agreement to validate purchase orders against your stocks. Consider implementing a radio frequency identification (RFID) tagging framework and a customary overview of the equipment and supplies claimed by your business.
Hire a business lawyer
It is only necessary to appoint a business lawyer before the start of operations. They help you with a large amount of legal work that might be difficult for startups to understand. However, an attorney can do more for your business. Criminal attorneys can train your employees on the complexities of white-collar crimes. Not only that, but they can also guide you on the type of legal action your organization will take against any representative who is carrying out any fraudulent activity.
With the improvement of the Internet and web security systems, many money transfers are made online. It is imperative that the common man, as well as his clients, are instructed on the need to play it safe when making these exchanges to protect them from digital malpractices. The organization must empower and reward informants to have a greater impact on wrongdoers.
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