If you have a fraud CIFAS against you?

williewonder

If you have a fraud CIFAS against you and your banks closes your account. You apply for a new account with a different bank and that is rejected, does that stay on their internal file longer than the CIFAS marker so you won't be able to bank with them at all in the future? Or does it clear after 6 years?

eskbanker

Depends on the data retention policies of the individual bank(s), i.e. if they retain records of applications from fraudsters and if so, how long for.  You could ask them, perhaps by submitting a Subject Access Request under the Data Protection Act, specifically seeking information about what data they hold about you, how long they'll hold it for and how they'll use it....

kaMelo

I would suspect that unless you have done something to give cause for a bank or banking group to put a marker against you, such as defaulting a loan or credit card, then I don't think they will do so just because there is a CIFAS marker but this is merely an assumption
In truth I don't think anyone will be able to give you a definitive answer to this.

colsten

kaMelo said:

I would suspect that unless you have done something to give cause for a bank or banking group to put a marker against you, such as defaulting a loan or credit card, then I don't think they will do so just because there is a CIFAS marker but this is merely an assumption

Defaulting on loans, credit cards, overdrafts does not usually lead to a CIFAS marker; they are reported to credit reference agencies.

CIFAS markers are 'awarded' for first and third party fraud, such as account takeover, ID fraud, false insurance claims, application fraud, or breach of immigration law. You can also ask for a protective CIFAS marker yourself, to stop fraudsters from making applications in your name.

I don't know the answer to OP's specific question. My guess is that some banks might well have a policy to ban people for life if they have been caught making fraudulent transactions. I recall posts reporting that Lloyds have notified people that their accounts will be closed, and that all future application will be declined (not sure whether CIFAS markers were involved in these cases). 

Ed-1

colsten said:

kaMelo said:

I would suspect that unless you have done something to give cause for a bank or banking group to put a marker against you, such as defaulting a loan or credit card, then I don't think they will do so just because there is a CIFAS marker but this is merely an assumption

Defaulting on loans, credit cards, overdrafts does not usually lead to a CIFAS marker; they are reported to credit reference agencies.

CIFAS markers are 'awarded' for first and third party fraud, such as account takeover, ID fraud, false insurance claims, application fraud, or breach of immigration law. You can also ask for a protective CIFAS marker yourself, to stop fraudsters from making applications in your name.

I don't know the answer to OP's specific question. My guess is that some banks might well have a policy to ban people for life if they have been caught making fraudulent transactions. I recall posts reporting that Lloyds have notified people that their accounts will be closed, and that all future application will be declined (not sure whether CIFAS markers were involved in these cases). 

And yet Halifax in planteria's case didn't even close their existing accounts despite a CIFAS present on a new application.

funkycredit

colsten said:

kaMelo said:

I would suspect that unless you have done something to give cause for a bank or banking group to put a marker against you, such as defaulting a loan or credit card, then I don't think they will do so just because there is a CIFAS marker but this is merely an assumption

Defaulting on loans, credit cards, overdrafts does not usually lead to a CIFAS marker; they are reported to credit reference agencies.

CIFAS markers are 'awarded' for first and third party fraud, such as account takeover, ID fraud, false insurance claims, application fraud, or breach of immigration law. You can also ask for a protective CIFAS marker yourself, to stop fraudsters from making applications in your name.

I don't know the answer to OP's specific question. My guess is that some banks might well have a policy to ban people for life if they have been caught making fraudulent transactions. I recall posts reporting that Lloyds have notified people that their accounts will be closed, and that all future application will be declined (not sure whether CIFAS markers were involved in these cases). 

That's not quite right. If you use an account for fraudulent activity you can get a cifas. 

A good example is you list an iPad for sale on eBay. Someone buys it and transfers to your bank account. You then send them a white eye-patch (eye-pad) and they tell their bank. 

That would likely lead to a cifas cat 6 (6 year loading) - Account misuse / account used for fraudulent transactions. 

Same if you misuse a credit card or any other financial product. 

funkycredit

williewonder said:

If you have a fraud CIFAS against you and your banks closes your account. You apply for a new account with a different bank and that is rejected, does that stay on their internal file longer than the CIFAS marker so you won't be able to bank with them at all in the future? Or does it clear after 6 years?

No it wouldn't. It's just a decline so if you applied again once the cifas was removed, you'd likely have no problem. 

Same goes if as a result of the monthly sharing feed, your other accounts got auto-closed; once the cifas issue is resolved you'd be fine reapplying. 

colsten

funkycredit said:

colsten said:

kaMelo said:

I would suspect that unless you have done something to give cause for a bank or banking group to put a marker against you, such as defaulting a loan or credit card, then I don't think they will do so just because there is a CIFAS marker but this is merely an assumption

Defaulting on loans, credit cards, overdrafts does not usually lead to a CIFAS marker; they are reported to credit reference agencies.

CIFAS markers are 'awarded' for first and third party fraud, such as account takeover, ID fraud, false insurance claims, application fraud, or breach of immigration law. You can also ask for a protective CIFAS marker yourself, to stop fraudsters from making applications in your name.

I don't know the answer to OP's specific question. My guess is that some banks might well have a policy to ban people for life if they have been caught making fraudulent transactions. I recall posts reporting that Lloyds have notified people that their accounts will be closed, and that all future application will be declined (not sure whether CIFAS markers were involved in these cases). 

That's not quite right. If you use an account for fraudulent activity you can get a cifas. 

A good example is you list an iPad for sale on eBay. Someone buys it and transfers to your bank account. You then send them a white eye-patch (eye-pad) and they tell their bank. 

That would likely lead to a cifas cat 6 (6 year loading) - Account misuse / account used for fraudulent transactions. 

Same if you misuse a credit card or any other financial product. 

What is not quite right? I have said CIFAS markers are 'awarded' for first and third party fraud. You have listed some further examples of first party fraud.

funkycredit

Yea sorry I misread the defaulting part. 

My bad. Apologies.