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.