It's not just Monzo

Santander said it closed about 24,000 accounts a year on suspicion of fraud.


Lloyds Banking Group formed a “mule hunting team” to spot some of the telltale signs and patterns of behaviour associated with mule accounts and to block them. The bank prevented more than £1m being transferred to fraudsters’ accounts in the first half of 2018 alone.

Given that “It’s not just Monzo, all banks do it” is a line I use a lot when people query reported account closures, it’s nice to now have an article supporting this I can show to people.

Edit for clarity: when I say “people [who] query reported account closures” I mean people who are worried about opening an account with Monzo because they’re concerned by things like Trustpilot reviews.


Publicly insinuating that they’ve done some sort of fraud is probably not the best idea, not saying they don’t deserve it though.

From the article

I intended to insinuate no such thing. I was thinking of people who are put off opening a Monzo account because they’re worried their account will get closed at the drop of a hat. I’ve edited my original post to make this clearer.

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