A crime is described as an action or failure to act, which results in harm to a person and is punishable by the state. They are also called infractions. These are events prohibited by law and punishable if committed. Unlike civil wrongs, the state has an interest in crimes in order to protect the public from their effects. They are considered high-level wrongs, both for personal injury in which the offense is committed against an individual and for murder or assault, and for damage to businesses such as money laundering, fraud or counterfeiting, also known as white-collar crimes. The crimes have certain similarities and differences, as evidenced by fraud and counterfeiting. Say no to plagiarism. Get a tailor-made essay on “Why Violent Video Games Should Not Be Banned”? Get an original essayFraud and counterfeiting are similar. While fraud is a criminal act, a person intentionally and with the intention of deceiving another, taking their property or money, or causing them to act in a particular way, which they would not do if the truth was revealed, counterfeiting is an act of producing materials or articles that are not original in nature. As such, both crimes involve an element of deception. For example, fraudulent activity involving the sale of land that does not belong to the seller constitutes white-collar crime. While the buyer does not know who owns the property to be sold, he is defrauded of his money while the real owner profits from his property. Additionally, producing an item such as a bar of soap using the name, logo and/or design of an existing company without its knowledge or permission with the intent of copying the mark and passing it on as original is a crime. Buyers of the product are unlikely to know the differences. As a result, they are misled into purchasing the wrong items. On the other hand, there is a difference between these violations of the law. Fraud takes place in the form of an exchange of goods, particularly money. The fraudster makes a false statement or representation, which another relies on to change their position, enter into a contractual agreement, and provide consideration for it. In counterfeiting, a real object is made by processing, manufacturing, minting, writing, or other forms, which produce an object. These are the items that are used to acquire wealth from others. Rates of financial crime, computer crime, property theft, fraud and counterfeiting also differ. Money laundering is a form of financial crime that accounts for an average of 3.5% of global gross domestic product (Price Water Coopers, 2016). Furthermore, hacking via fishing emails is a computer crime recorded at a rate of 97.25% during the last third quarter of the year 2016 (Gammons, 2017). Additionally, property theft, fraud, and counterfeiting account for more than fifty percent of crimes in America and around the world (Tcherni, Davies, Lopez, & Lizotte, 2016). Property theft, such as the theft of company documents or products by employees or unauthorized persons, deprives business entities of their rightful property. Yet fraud and counterfeiting result in both loss of property and profits. Keep in mind: this is just a sample. Get a personalized document from our expert writers now. Get a Custom Essay In conclusion, white collar crimes are committed by individuals within the company. world. The individuals who commit them..