5 Common Types of Economic Crimes

Economic crimes have been evolving in a sophisticated manner; from common thievery to the modern cyber economic crimes, it has seen constant evolution. You can ask any Law firm in Galveston, and they will let you know how modern economic crimes are on the surge. It is a dreaded reality that each of us is always at risk of some economic crime or probable fraud if we dont keep our guards up. Let us look at some of the most common types of economic crimes committed globally.

Identity Theft

Identity theft is the case when hackers steal any individual’s personal data for committing economic crimes. The thief will obtain your data like name, address, information related to banking, and phone numbers. They have various ways to obtain this information and won’t hesitate to use it for committing financial crimes. An identity thief can use your personal data to buy things for themselves and can even take big loans from financial institutions throwing you into the liability.

Tax Fraud

Tax fraud is committed when an individual or corporation does not pay the government’s necessary taxes. These crimes are often committed by wealthy individuals and large corporations who often go unpunished because of their wealth and resources. Some of the most common types of tax frauds include

•   Not filing proper tax returns
•   Not reporting one’s income
•   Making deductions in a wrong manner

Health Care Crimes

Health care financial crimes are mostly related to the health insurance system and can be committed by insurance providers, health care providers, and even individuals. Some of the noted health care crimes are

•   Health care providers charge more money than the actual price of the procedures.
•   Health care providers are prescribing and performing costly procedures that were not required in the first place.
•   Prescribing unnecessary tests to generate more revenue.
•   Identity theft
•   Increasing the bill of the insurance carrier
•   Health care claims that are not genuine

Ponzi Schemes and Scams

Ponzi schemes are essentially performed on uninformed investors, making them invest in businesses that are not genuine. People who commit Ponzi schemes gain the investor’s trust to make them invest and then suddenly disappear from the scene.

Online scams are committed by tricking individuals into transferring money into different bank accounts that will never go back to the individual. Nigerian scammers are quite notorious in pulling these kinds of heists.

Cybercrime

Cyber economic crimes are committed by hackers when they steal sensitive and important information from individuals and companies to blackmail them for money. Cybercrimes are increasing day by day, with hackers using more sophisticated methods to steal information.

If you have been a victim of economic crime, then you must take legal counsel from a Law firm in Galveston and take the necessary actions against the perpetrators to recover your losses and bring the criminals to justice. If you don’t take the necessary action against them then you will only give the perpetrators to gain another victim, so make sure that you never back out from these cases.