Mogo to give Canadians free digital ID protection

18/08/20

Mogo, one of Canada’s leading financial technology companies, today announced that as part of its mission to help Canadians improve their financial health, it is now providing free access to its digital ID fraud protection solution, MogoProtect, to help Canadians better understand and combat identity fraud.

“Seventy-five percent of Canadians were affected by data breaches in one year alone and, as recent issues with the CRA highlight, Canadians are more vulnerable than ever,” said David Feller, Mogo’s Founder and CEO. “Protecting Canadians from identity fraud is an important component of helping them manage and take control of their financial health. All Canadians need a solution, and we’re pleased to provide the first truly free solution of its kind. As we continue to move more of our life online, we are all at an increasing risk of identity fraud. Unlike credit card fraud, which is typically covered by your credit card company, identity fraud is not. For those who have experienced identity fraud, the financial and personal impacts can sometimes take years to resolve, and in the meantime you can damage your credit rating and be denied important things like a mortgage. Competing products can cost up to $20 a month, which isn’t something many people can afford today. By making this product free, Mogo can help reduce the chances that millions of Canadians become victims of identity fraud.”

MogoProtect is the first free, mobile-first identity fraud protection product in Canada. With MogoProtect, your Equifax credit bureau is monitored daily for hard inquiries to your bureau. For example, if someone applies for a credit card or a loan in your name, and the company runs a credit check through Equifax, you’ll get an alert from the Mogo app. If you identify a suspicious activity via your MogoProtect alert, you'll be guided through the steps to help stop fraudsters and prevent identity fraud from happening to you. MogoProtect is seamlessly integrated into the Mogo app, where users also have the ability to monitor and track their Equifax credit score for free. Sign up takes less than 3 minutes, and the Mogo app is a free app available in the Apple app store or Google.

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