31/01/24

Further Success| CIFAS ‘Fraud Marker’ Removed | KANGS Banking Disputes Solicitors

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In a previous article posted to this website on 6th December 2023 entitled ‘Overjoyed Client | Bank Accounts Reinstated’, we reported on the steps taken by the Team at KANGS to assist our client successfully overturn a Bank’s decision to close his Business and Personal accounts.

Having achieved this outcome, it then became necessary to remove the CIFAS ‘fraud marker’ imposed by CIFAS and to which our client remained subject.

Our award-winning Team is nationally recognised for its work in Civil and Criminal Financial Investigations conducted by all institutions including Banks and Regulators.

Our specialist Team, comprising both criminal and civil lawyers, is led by Hamraj Kang, a nationally recognised leader in the field of financial crime investigations is here to assist and can be contacted for confidential and discrete advice as follows:

What is a CIFAS ‘Marker’? | KANGS CIFAS Solicitors

As explained in our previous article, CIFAS (Credit Industry Fraud Avoidance System) is are a non-profit fraud prevention service established to deter and prevent fraud.

It achieves this by sharing information to members and customers and operates two core fraud prevention databases being the National Fraud Database and the Internal Fraud Database.

Members of CIFAS include a wide range of banks, lenders, insurers and other financial institutions.
There are eight different types of ‘marker’ lasting up to six years.

If a financial services organisation suspects fraudulent conduct by a customer, it will report that activity to CIFAS which will place a ‘fraud marker’ against that customer.

This ‘fraud marker’ will be taken into account by any financial service considering any potential financial transaction with its customer. The effect is likely to prejudice any customer seeking to obtain goods or services, such as a mortgage, bank account or mobile phone account.

A customer can challenge the ‘fraud marker’ by way of:

  • an application to the financial services organisation which originally informed CIFAS or, in the event of failure,
  • application for an independent review to CIFAS.

How We Assisted Our Client | Kangs CIFAS Disputes Solicitors

Having successfully reinstated our client’s bank accounts, further representations were required to seek the removal of the CIFAS fraud marker which continued to prejudice our client’s personal and business activities.

The KANGS Team:

  • attended upon our client taking further instructions and advising upon the evidence required to discredit the actions taken by the Bank,
  • examined and considered the collated evidence,
  • prepared and submitted detailed Representations, supported by our client’s evidence, seeking removal of the ‘fraud marker’.

The Successful Result | KANGS Banking Dispute Solicitors

Having considered the detailed Representations prepared and submitted by the Team at KANGS, the Bank conducted an internal review which resulted in the Bank requesting CIFAS to immediately remove. the offending marker.

Our client is now able to conduct both business and personal activities freed of the shackles of this unreasonable restriction.

Who Can I Contact For Help? | KANGS Financial Investigations Solicitors

The Team at KANGS regularly supports clients facing allegations of financial misconduct and alleged criminal activity.

Our Team regularly advises clients on disputes with Banks, Financial Institutions, and others, created by incorrect data stripped from Data Bases maintained by numerous Institutions.

We welcome enquiries by:

Telephone: 0333 370 4333

Email: info@kangssolicitors.co.uk.

We provide an initial no obligation consultation from our offices in London, Birmingham and Manchester. Alternatively, we provide initial consultations by telephone or video conferencing.

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