cifas marker

Original post by kookyseahorse05

i have just found that I have a cifas marker due to something that is completely out of my control and that I want to get removed. I am getting paid into my bank which they have just locked but i’m scared on if the money will actually go into it or will it go somewhere else? I have ordered a report and i’m waiting to hear back.

is it valid for me to be scared?

I'm not sure about "scared", but you're right to be concerned.

If you have a CIFAS marker, and the bank account has been "locked" as a result, then either the funds transfer (for your pay) will fail and it will remain with your employer, or the funds will arrive in an account to which you have no access.

Contact you bank to find out which has happened.

Reply 2

StriderHort

Yes... you might need to elaborate on 'something that is completely out of my control' especially in terms of removal.

For one thing, do you know what category of marker you have?

Reply 3

OP

Original post by StriderHort

Yes... you might need to elaborate on 'something that is completely out of my control' especially in terms of removal.

For one thing, do you know what category of marker you have?

There’s a bank account in my name in a different bank. I am not sure on what category of marker that I have which is why I have done a report and I am waiting to hear back from.

Reply 4

OP

Volunteer Team, Clearing and Applications Advisor

Original post by DataVenia

I'm not sure about "scared", but you're right to be concerned.

If you have a CIFAS marker, and the bank account has been "locked" as a result, then either the funds transfer (for your pay) will fail and it will remain with your employer, or the funds will arrive in an account to which you have no access.

Contact you bank to find out which has happened.

I’m going to the bank the day I get my pay so I can try and access my money and move it to a different account but i’m scared because I only have a monzo account and I am scared that they are going to close it soon due to the marker.

Reply 5

DataVenia

Original post by kookyseahorse05

I’m going to the bank the day I get my pay so I can try and access my money and move it to a different account but i’m scared because I only have a monzo account and I am scared that they are going to close it soon due to the marker.

Yup. The whole point of the CIFAS marker is to warn banks (and other organisations) that whatever happened in the past means that you're risky to have as a customer.

Many (well, most) banks just don't want such customers. That would include Monzo, I suspect.

Reply 6

OP

Original post by DataVenia

Yup. The whole point of the CIFAS marker is to warn banks (and other organisations) that whatever happened in the past means that you're risky to have as a customer.

Many (well, most) banks just don't want such customers. That would include Monzo, I suspect.

And so right now I am not sure what to do cause I know i have to inform my employer about this but I am not sure what to say because I would not like them to think I am a liability working there. It’s all I think about currently because I didn’t know I had a cifas marker until I couldn’t access anything with my bank, this all happened in the span of 2 days

(edited 1 year ago)

Reply 7

Original post by kookyseahorse05

There’s a bank account in my name in a different bank. I am not sure on what category of marker that I have which is why I have done a report and I am waiting to hear back from.

But do you have any idea of what happened to generate the marker in the first place? Incorrect info on your application, using your account when selling goods, money muling?

Reply 8

OP

Original post by Surnia

But do you have any idea of what happened to generate the marker in the first place? Incorrect info on your application, using your account when selling goods, money muling?

I have my bank details to a friend cause they owed me some money and I didn’t think anything of it as they are a long term friend. The bank thinks that they might’ve opened another bank account in my name for fraudulent purposes.

Reply 9

StriderHort

Original post by kookyseahorse05

I have my bank details to a friend cause they owed me some money and I didn’t think anything of it as they are a long term friend. The bank thinks that they might’ve opened another bank account in my name for fraudulent purposes.

If you gave them details to access your account then that's it, the marker is correctly applied and will stay.

If you just gave them the sort/account number to make a payment to you, It's hard to see how that could give them the info to open another one in your name, it would need to be a more elaborate fraud.

Reply 10

martin7

Original post by kookyseahorse05

And so right now I am not sure what to do cause I know i have to inform my employer about this but I am not sure what to say because I would not like them to think I am a liability working there. It’s all I think about currently because I didn’t know I had a cifas marker until I couldn’t access anything with my bank, this all happened in the span of 2 days

First, do you know for sure that you have a Cifas marker? Did someone tell you that explicitly? It sounds like you've sent off a "subject access request" to Cifas but that hasn't come back yet.

It's possible that the bank has noticed something suspicious and has blocked access to the account until they've had a chance to talk to you about something that looks suspicious -- though I'd expect them to be proactively trying to contact you about the problem if that's what has happened.

You say you have a Monzo account and that you're "going to the bank". Monzo don't have branches, so does that mean that you have an account with Monzo, plus an account with a different bank that does have branches? Presumably the "bank with branches" has blocked your account, but your Monzo account is still working -- is that right?

You've mentioned that you need to tell your employer. What is your job role? Does it involve handling money or finances in any way?

If you just need to tell them so they can pay your salary into a different account, then you don't need to give a reason for this.

If your pay is going into the blocked account, two things might happen: it will go into the account as normal; or the payment will be returned to your employer. If it goes into the account, then I'd expect you'd be able to get it by going into the bank with suitable proof of identity, plus evidence that it was your normal wages. It would probably be best to take your payslip with you to show it was pay from your employment. But the bank should be able to see that regular payment going in, so they shouldn't consider it suspicious.

You do need to ask the bank what has happened -- though they might not be able to tell you.

You said in another post that you gave your bank details to a friend. All you needed to provide was your sort code (six digits, in the form 12-34-56) and account number (eight digits) -- as @StriderHort notes, this should not be enough information for someone to open an account as you. If you gave them the details to log on to your account then that's a much more serious issue.

Reply 11

OP

I just got the report back and it says reason for filing is fraudulent faster payments transactions.

Reply 12

Kutie Karen

19

Original post by kookyseahorse05

I just got the report back and it says reason for filing is fraudulent faster payments transactions.

So what happened there for them to be concerned?

Reply 13

Original post by kookyseahorse05

I just got the report back and it says reason for filing is fraudulent faster payments transactions.

Did your 'friend' contact you first, electronically, and how did you provide your account details to them? Have you noticed any strange transactions on your account?

(edited 1 year ago)

Reply 14

Universities Forum Helper

Original post by Kutie Karen

So what happened there for them to be concerned?

Unlike card payments, which can take a couple of days to clear, Faster Payments means money is transferred almost instantly; hence it's difficult to contact your bank and stop Faster Payments.

Scammers can pretend to be someone who requires a payment, have money transferred to an account the payer thinks is legit, and then move that money out, again using Faster Payments. Bingo, the money has disappeared, is in the hands of criminals and if you authorised the payment you'll be struggling to prove that you didn't know where the money was going.

Reply 15

Kutie Karen

19

Original post by Surnia

Unlike card payments, which can take a couple of days to clear, Faster Payments means money is transferred almost instantly; hence it's difficult to contact your bank and stop Faster Payments.

Scammers can pretend to be someone who requires a payment, have money transferred to an account the payer thinks is legit, and then move that money out, again using Faster Payments. Bingo, the money has disappeared, is in the hands of criminals and if you authorised the payment you'll be struggling to prove that you didn't know where the money was going.

Thanks. I am somewhat confused as the OP said the money was being transferred into their account and now has a CIFAS. I don't get it as to how this would be a problem

Reply 16

Admit-One

Original post by Kutie Karen

Thanks. I am somewhat confused as the OP said the money was being transferred into their account and now has a CIFAS. I don't get it as to how this would be a problem

If the bank was not satisfied where the money was going to and from, (large amounts, different values going back and forth to the same people within a short timespan), then it will appear for all intents and purposes as money laundering. The onus will be on the account holder to evidence what the purpose of the transactions were.

Reply 17

Kutie Karen

19

Original post by Admit-One

If the bank was not satisfied where the money was going to and from, (large amounts, different values going back and forth to the same people within a short timespan), then it will appear for all intents and purposes as money laundering. The onus will be on the account holder to evidence what the purpose of the transactions were.

I got the impression with this post that the op's friend sent a one of payment unless I got it wrong.

Reply 18

Original post by Kutie Karen

I got the impression with this post that the op's friend sent a one of payment unless I got it wrong.

Sorry, I gave a general reply on Faster Payments, but if the OP gave out account details electronically they could have been hacked and money taken out under the auspices of recognisable payments. That's why I asked if they'd seen anything strange because sometimes there are test runs where small amounts are taken to see if it is flagged.

Reply 19

StriderHort