Bank account fraud investigation procedure

adz123

Hi,
I’ve heard a lot of things from people regarding the bank fraud investigation procedure. Some say that after identifying fraud the bank does an internal investigation, if they suspect it’s fraud then they close the account and then do a further investigation after which they give you a cifas marker. Other things I’ve read, is when they notice suspicious activity they report a SAR to NCA and they have upto 6 months to investigate it meanwhile the account is frozen, if proven its fraud than the account is closed and a cifas marker given. So I want to know what procedure is actually correct. I’m asking because as a result of being a money mule my account was closed after a year and half this October, of the activity being done. But after 3 months I haven’t received a cifas marker so I’m anxious as to why that is. The bank used was revolut. 

Thank you

[Deleted User]

It depends on why they closed it. If they believe you may have committed fraud then they may be investigating it. However, generally, the account would be frozen while they investigate, so it sounds as if they simply closed it.

What notification did you get?

adz123

This is what I got and their general email response “ After reviewing your account, we're sorry to say that we're no longer able to offer you our services. We’ve made the decision to permanently close your account. These are complex decisions, but unfortunately this is final and can’t be appealed.

There were no funds in your account at the time of closing. Any transfers made to your account from this point forward will automatically be rejected and returned to the original sender.”

To add info apart from the fraud my account also went against their new t&c and regulations, reading reviews a lot of people are getting their account closed out of the blue. In addition they are even some people who provide every document and still get their account closed. 

adz123

Also strangely enough when I checked in May 2020 it wrote “ your account has been deactivated” just this no email nothing. It was only in October when I got the email.

[Deleted User]

It sounds then as if they've just closed it.

Open an account elsewhere and try not to commit any more crimes.

adz123

Yes definitely not😅 not to sound rude but how can you be sure, have you worked in the financial sector or something? Also on the off chance there is an investigation whats the longest a money mule case generally goes on for ?
Sorry for so many questions but it feels like a executioners blade constantly looming on me. 

[Deleted User]

adz123 said:

Yes definitely not😅 not to sound rude but how can you be sure, have you worked in the financial sector or something? 

Yes.         

finalfantasist

adz123 said:

Hi,
I’ve heard a lot of things from people regarding the bank fraud investigation procedure. Some say that after identifying fraud the bank does an internal investigation, if they suspect it’s fraud then they close the account and then do a further investigation after which they give you a cifas marker. Other things I’ve read, is when they notice suspicious activity they report a SAR to NCA and they have upto 6 months to investigate it meanwhile the account is frozen, if proven its fraud than the account is closed and a cifas marker given. So I want to know what procedure is actually correct. I’m asking because as a result of being a money mule my account was closed after a year and half this October, of the activity being done. But after 3 months I haven’t received a cifas marker so I’m anxious as to why that is. The bank used was revolut. 

Thank you

Both these procedures are roughly correct, because being a fraudster and being a money launderer aren't the same thing, so have different processes.

colsten

If you have been a money mule and got away with just an account closure and no CIFAS markers, you should thank your lucky stars. Don't expect you can get away with yet another crime.

adz123

finalfantasist said:

adz123 said:

Hi,
I’ve heard a lot of things from people regarding the bank fraud investigation procedure. Some say that after identifying fraud the bank does an internal investigation, if they suspect it’s fraud then they close the account and then do a further investigation after which they give you a cifas marker. Other things I’ve read, is when they notice suspicious activity they report a SAR to NCA and they have upto 6 months


to investigate it meanwhile the account is frozen, if proven its fraud than the account is closed and a cifas marker given. So I want to know what procedure is actually correct. I’m asking because as a result of being a money mule my account was closed after a year and half this October, of the activity being done. But after 3 months I haven’t received a cifas marker so I’m anxious as to why that is. The bank used was revolut. 

Thank you

Both these procedures are roughly correct, because being a fraudster and being a money launderer aren't the same thing, so have different processes.

Can I ask which procedure is which? 

adz123

colsten said:

If you have been a money mule and got away with just an account closure and no CIFAS markers, you should thank your lucky stars. Don't expect you can get away with yet another crime.

😅😅yes never again. But I don’t know if I’m out the woods yet.