White-Collar Crime Statistics, Facts 2023

People just love color-coding.

We already discussed black hat and white hat hackers. Time to talk about collars.

So, what about white-collar crime statistics? Why should you care?

Unlike blue-collar crimes (what did we say about color-coding?), the white ones aren’t about weapons or violence at all. The people behind them rely on bookkeeping software, internet browsers, or even personal reputation. Think embezzlement, healthcare fraud, election law violation, and mortgage fraud.

Such felonies are on the rise. You’d be amazed by how much money is lost on an annual basis because of those.

Surprising White-Collar Crime Statistics 2023

Here are some not-so-fun white-collar crime facts.

$56 billion were lost to white-collar crimes.
Only 3% of federal prosecutions annually are for white-collar crimes.
Experts predict the anti-money laundering market to reach 2385.8 million by 2036.
California lost $400.9 million to fraud.
Cybercrime damage will cost the global economy $10.5 trillion annually by 2025.
Millions of fake N95 masks were sold in 5 states, as the coronavirus presents new opportunities for counterfeit.
The majority of white-collar felons are educated, married men.

General White-Collar Crime Statistics 2023

There has been a lot of attention paid to recent white-collar crimes cases. They result in job losses, salary cuts, and other misfortunes. Business crime cases often go unpunished or face reduced sentencing due to factors such as class and race.

Take a look at the general white-collar crime stats:

1. White-collar crimes dropped by 28.7% in January 2022.

(Source: Tracreports)

The USA Justice Department has prosecuted 221 white-collar crimes in January 2022. That’s a 10.3% decrease from the same period in 2021.

2. Denver has an average of 2.1 white-collar crimes daily.

(Source: The Denver Post)

White-collar crime statistics for 2022 reveal that the median number of white-collar crimes in Denver is about 2 per day. The number has dropped by 0.7% compared to 2021.

3. Only 3% of federal prosecutions per year are for white-collar crimes.

(Source: Bajoka)

White-collar crime facts show that ever since 9/11, federal investigations are focused on bigger crimes like terrorism. This has definitely resulted in lowered prosecutions, even though white-collar felonies are on the rise.

But don’t be quick to lose hope!

4. At the beginning of 2021, the DOJ announced policy changes, which will help with white-collar offenses.

(Source: Fox Rothchild)

The changes in the Policy on Charging and Sentencing were announced on the 29th of January 2021 – mere days after Biden took the role of president. While it is not explicitly stated that white-collar crimes will take a more central role, it’s easy to assume, based on two factors:

The policy is modeled after that of President Obama’s, which focused on the damage of the crime, rather than the type of crime.
The pandemic lead to a peak of white-collar felonies and it’s not possible to ignore them any longer.

(Source: Greenberg Traurig)

In early March, the United States Attorney General announced that it would vehemently fight fraud surrounding COVID relief. To help in the efforts, the Department of Justice plans to hire 120 prosecutors and 900 FBI agents to carry out investigations.

6. The anti-money laundering market is predicted to reach $2.38 billion by 2036.

(Source: Intrado)

For every action, there is an equal and opposite reaction. And judging by those white-collar statistics, it sure seems like people are sick of them.

Anti-money laundering actions include imposing a series of rules, procedures, and legislation, aiming to stop the process. Such laws have pretty dire consequences.

7. Ponzi schemes in England and Wales have gone up by 59%.

(Source: Kingsley Napley)

White-collar statistics for 2022 show financial investment crime in the UK has gone up 42% year on year. That’s mainly due to increased numbers of pyramid schemes (59%) and bond sale scams (57%).

8. One of the biggest counterfeit scandals in 2021 – millions of fake N95 masks were sold in 5 states.

(Source: The New York Times)

Well, criminals saw an opportunity, and they took it.

In a crisis, people are less likely to fact-check. That’s how millions of fake masks were sold to hospitals, medics, and government agencies.

The masks came in boxes with “Made in the USA” written on them and even had the 3M logo.

We’ll let you be the moral judge here.

Who Commits White-Collar Crime?

More often than not, white-collar crimes can go undetected, and it can be hard to prosecute perpetrators. Here is a breakdown of who commits white-collar crimes.

9. Your typical white-collar felon is a white male in his 30s or 40s, usually married.

(Source: Bajoka)

The popular TV image of young scrawny boys who are secretly master hackers couldn’t be further from the truth.

White-collar crimes are mostly committed by white men in their 30s or 40s. More often than not, they’re married.

Here’s the fun part:

In most cases, they don’t have a criminal history. Likely, the first crime that they committed was after they turned 30.

White-collar crime facts also show that:

10. Most of these felons have at least a bachelor’s degree.

(Source: Gale Law Group)

Weirdly enough, most of them are people you’d expect to protect you from such occurrences. Professions include, but are not limited to:

Lawyers
Financial advisors
Accountants
Clergy members

11. Less than 5% believe that females would take part in white-collar corruption.

(Source: Gender and Crime: Convenience for Pink-Collar Offenders)

A few years ago, those studying the topic for pink-collar – a.k.a female – criminals ran an experiment.

Let’s say you want a permit for a summer mansion on a property the state wants to recreate. There are a female and a male official.

Who would you try to bribe to give you the permit?

Less than 5% chose the woman. Talk about white-collar crime facts!

So, maybe run a background check before you trust someone with important data?

White-Collar Crime Cost

If you’re wondering how much money is lost to white-collar felonies, we have the answer.

And you’re not going to like those white-collar crime statistics.

12. Online payment fraud losses to exceed $206 billion between 2020 and 2025.

(Source: Experian)

As online payments continue to increase, so will related scams. However, fraud prevention methods like AI and machine learning are also evolving and becoming more efficient.

13. California lost $400.9 million to fraud.

(Source: Statista)

It’s the state that was hit the hardest.

According to white-collar statistics by state, the runner-ups are:

Texas – $203.05 million
Florida – $199.36 million
New York – $169.77 million
Illinois – $93.32 million
Pennsylvania – $74.74 million

14. Global cybercrime damage will almost double by 2025.

(Source: Forbes)

According to white-collar crime statistics, cybercrimes will cost businesses $10.5 trillion annually by 2025 – up by $5 trillion from 2021.

Among the most significant contributors is the rise of ransomware payouts. Forecasts show that they’ll cost the globe $265 billion by 2031.

White-Collar Crime vs Blue Collar Crime

The main difference between the two sides in the white-collar crime vs blue-collar crime debate:

Blue ones constitute traditional legal crimes such as robberies, drug consumption, murder, violence, etc. White ones don’t involve physical violence.

Both can hurt you.

Wrap Up

Although not as brutal as blue-collar ones, white-collar offenses cost a lot more.

Just look at the white-collar crime statistics!

The pandemic turned out to be somewhat of a harvest for such felons. But it seems like the government and some businesses are taking action against them, which is great news.

Is there any way to protect yourself?

Besides constant vigilance (5 points if you got that reference), we’d suggest getting good antivirus software and identity theft protection.

Till next time and stay safe!