The CIFAS Database - Navigating the Regime Impacting Financial Services Retail Customers

Introduction

It is very common now for the decision to close a bank account to be made following an investigation into the customer’s use of it with an adverse finding and accompanied by the registration of fraud marker on the CIFAS database.

CIFAS markers do not show on credit reports and their existence can only be established with subject access request to CIFAS itself.

Retail customers deprived of a bank account can suffer serious financial losses (both personally and to their businesses) because of CIFAS markers - which can be in place for 6 years.

A recent change is the explosion of CIFAS markers registered against company directors in relation to bounce bank loan applications.

This new webinar will explain what the CIFAS database is, how it operates both in terms of practicalities (how members register markers) and principles (the handbook) and how best to challenge markers.

This webinar will cover the following:

• What is CIFAS and who are its members?
• How the CIFAS national fraud database operates including registration of markers and marker types
• Common case studies
• Method of approach for removal: DSAR to CIFAS; DSAR to registering institution; correspondence with bank and use of GDPR rights and CIFAS fraud guidebook principles in requests to remove
• Practical tips re the method of approach
• Tackling myths

This webinar was recorded on 15th November 2021