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Can a bank lawfully withhold the reason for placing an adverse fraud marker?
In other words, if a bank applies an adverse fraud marker to an account but refuses to disclose the basis for doing so, is that legally permissible? This lack of transparency prevents me from challenging the marker.
Secondly, if I were a third party acting on the bank’s instructions, would it be lawful for me to follow the bank’s directive not to disclose the reason behind the adverse marker to the customer?
In this case, it was later revealed that the fraud marker was inaccurate after 2 years of challenging it.
In other words, if a bank applies an adverse fraud marker to an account but refuses to disclose the basis for doing so, is that legally permissible? This lack of transparency prevents me from challenging the marker.
Secondly, if I were a third party acting on the bank’s instructions, would it be lawful for me to follow the bank’s directive not to disclose the reason behind the adverse marker to the customer?
In this case, it was later revealed that the fraud marker was inaccurate after 2 years of challenging it.