Financial Crimes – What is it exactly ?

Financial crimes is becoming an important aspect of blogging. There is a lot of content around the financial crimes which needs to be channeled through the blockchain.
Financial crimes is a broader term which covers


There are variety of frauds taking place around us which includes but are not limited to cheque fraud, credit card fraud, mortgage fraud, medical fraud, corporate fraud, securities fraud, Insider trading scams, bank fraud, insurance fraud, market manipulation, payment fraud, health care fraud etc;


There are inventory thefts, cash thefts, intellectual property thefts which are covered under the financial crimes.

Scams or confidence tricks

A scam is a dishonest plan that is meant to cheat someone. Scams include the large value financial frauds, where many parties are involved. Regulators calling the customers to take out insurance or fake call centers shopping for credentials are all the examples of scams.

Tax evasion

From the birth of the mankind taxes have been the aspect which is considered as burden. There are two types of taxes Direct and Indirect. There are different methods of evading the taxes from the treasury.


Offering, promising, giving, accepting or soliciting of an advantage as an inducement for an action which is illegal, unethical or a breach of trust is defined as bribery.


Theft or misappropriation of funds placed in trust and belonging to one’s employer is embezzlement.

Identity theft

Using somebody else’s identity to carry out the financial transactions causing the financial damage to the person whose identity is used is typically termed as identity theft. There are methods like phishing, spear phishing or vishing used in obtaining the identity of the other person.

Money laundering

Changing the color of money obtained from the crimes such as corruption, bribery or terrorism. The money from crimes is introduced in banks and then circulated through various bank accounts before the money actually leaves the system to be placed in the account of the end beneficiary.

Forgery and counterfeiting

This includes the production of counterfeit money and consumer goods.
Financial crimes may involve additional criminal acts, such as computer crime and elder abuse and even violent crimes such as robbery, armed robbery or murder. Financial crimes may be carried out by individuals, corporations, or by organized crime groups. Victims may include individuals, corporations, governments, and entire economies.