Last Updated on August 4, 2021 by Yetty Akindele
With the advent of increased use of technology in this digital age, there is little wonder why the level of identity fraud is consistently on the rise.
If you are a millennial belonging to Generation Y (those born between 1980- 1994), statistics have shown that you are at higher risk of having your identity stolen thereby exposing you to identity fraud.
In fact, a survey carried out by Equifax Canada back in 2016, showed that over half (53%) of Canadians reported having been victims of financial fraud at one point or the other. Of these, about 34% was due to unauthorized use of debit or credit cards.
While there are steps you can take with your bank to protect yourself from credit card fraud, protection from identity fraud (encompassing the illegal use of your stolen information) is a much bigger issue. Luckily, a platform such as Mogo exists in Canada to give you an identity fraud protection service totally for free.
Identity Theft VS Identity Fraud
Although both terms are usually used interchangeably, here is the major difference between the two;
- Identity Theft- Occurs when personal, private, or financial information is stolen. You can become exposed to identity by way of data exchange on insecure internet connections, lost wallets, use of public WIFI, organizational data breaches, etc.
- Identity Fraud- Occurs when the stolen information is used by the fraudsters to commit an illegal or criminal offense in your name. It could therefore happen if your credit or debit card details are stolen and the information gotten used to gain unauthorized access to your account. These fraudsters can use your information for all forms of criminal activities ranging from opening illegal bank accounts in your name, mortgages, finance applications, etc.
Related: How to raise your credit score to 850
Millennials in the age group of 25 to 39 are most susceptible to attacks by way of credit card fraud. This is because this category of people are more likely to be active users of technology especially for running their day-to-day activities.
Exposure can come in a variety of ways, with carrying out online banking at home or entering in confidential information while browsing the internet using WIFI connection in public places. This age group with their busy lifestyles and heavy reliance on technology are at a higher risk of exposure to identity fraud.
In Canada, Mogo an online platform offers as one of its services, ‘MogoProtect’ that helps protect you from identity fraud. Mogo is currently the only platform in Canada offering this service for free.
What is Mogo?
Mogo is an online platform and one of three platforms in Canada that offers free credit score monitoring. The other two being Borrowell and Credit karma.
However, a unique feature that further sets Mogo apart is the free identity fraud protection which it offers. You do not need to enter your credit card details to enjoy this service.
Mogo exists for the benefit of Canadians, to simplify the process of improving your financial health. It is free to sign up on this platform and takes just about 3 minutes for you to get yourself help against identity fraud at no cost to you! Additionally, you get access to other services on the platform.
Accessing Mogo’s services is also a breeze. With its intuitive mobile application available on both Google Play and App Store, availing yourself of the services even while on-the-go is a surety.
Mogo’s Services
Listed below are the services that the Mogo platform has to offer;
MogoProtect
Mogo offers a free identity fraud protection service, requiring no credit card entries or promo codes. Additionally, it is offered for an unlimited period of use.
It must be noted however, that this service is available as a benefit to MogoAccount holders who have the Mogo Visa Platinum Prepaid card. This is definitely a major selling point for Mogo. Like I stated earlier Mogo is currently the only platform in Canada offering this service for free.
MogoProtect helps with identity fraud protection in 2 main ways;
- Detect & Alert- MogoProtect carries out daily monitoring of your Equifax credit bureau for all hard enquiries without hurting your credit score. If a potential threat is identified, you get a notification on your mobile device as well as an email notification.
- Stop Fraudsters- Following the alert from MogoProtect, you are able to stop any activities you deem to be fraudulent by way of certain steps which you will be guided through.
If there is a platform offering this service for free, it makes a lot of sense for you to avail yourself of such an opportunity. At the moment of writing this article, Mogo is this platform in Canada.
Free Monthly Credit Score Monitoring
By way of a soft inquiry, you get your Equifax free credit score which is updated monthly when you open a MogoAccount and order your Mogo Visa Platinum Prepaid card. Also, note that this is a soft inquiry, hence it doesn’t affect your credit score.
There are several reasons why it is crucial to keep abreast of your credit score. For instance, good to excellent credit scores qualifies you for the best mortgage rate offers, auto financing options, etc.
Signing up also gives you access to Mogo’s MoneyClass, which has to do with you getting access to money management tips. You also get guides on how to improve your credit score and general financial health.
MogoCard
With the sole aim of helping MogoAccount holders control their spending, MogoCard offers a reloadable Visa Prepaid Platinum Card. This allows you to take charge of your spending because you are able to load the exact amount of your own money that you want to spend on the card.
You can load an amount of up to $10,000. The card can also be linked to your bank account easily. This way you can budget a set amount for expenses. You earn 2% cashback on all purchases made with the MogoCard. You can convert your rewards to Bitcoin or cash out at any time.
Additionally, with MogoCard, you help to save the planet by way of a reduction of your carbon footprint. For every dollar you spend using your Mogo prepaid card, one pound of CO2 will be offset.
This proves that the creative minds behind Mogo are environmentally conscious, making it possible for you to contribute your own quota to improving the planet.
Key Highlights of MogoCard
- $0 monthly fee or interest
- Carbon footprint reduction
- Load your card instantly online for free
- 2% Bitcoin cashback on all purchases
- $1.99 account inactivity fee after a year of not using the card (frequent use of the card keeps the spending account free of charge)
Personal Loans
Have a debt you need help getting out of or need a personal loan as an emergency? As a MogoAccount holder, you have access to MogoMoney. This allows you to apply for pre-approval for personal loans in as little as 3 minutes. You can also chat with a product specialist if you are in need of help.
One benefit to applying for a loan as a MogoAccount holder is that there is a 100-day test drive. This allows you to return the principal amount if you are not satisfied with your borrowing experience. You also get a refund of interest and fees you paid in those first 100 days. Talk about transparency!
MogoMortgage
From your MogoAccount dashboard, you are able to apply for a mortgage. Options are available for new home buyers, renewals as well as those who want to refinance. You get access to some of the lowest rates available, all you need is an internet-enabled device that allows you to log in to your MogoAccount dashboard.
There is also a MogoMortgage team, available to answer any questions you might have to ease your application process.
MogoCrypto
If you are looking for a way to buy and sell crypto in Canada, MogoCrypto is one option for you. From your MogoAccount dashboard, you are able to buy and sell crypto.
You also get $5 to invest with when you sign up. As of July 1st 2021, the $5 Bitcoin sign up bonus for new users will be ending.
The snippet below shows features of MogoCrypto and why it is one of the easiest options for buying and selling Crypto in Canada.
Security of Your Information on Mogo
Mogo makes use of the latest Transport Layer Security (TLS) protocol for data encryption in order to protect your information as an account holder. This helps to ensure that there is no unauthorized access to your details.
Related: How to raise your credit score to 850
Availability of Service
As at the time of writing this article, Mogo’s service is available in all Canadian Provinces excluding Quebec.
Should You Chose Mogo?
Considering that a majority of us are at risk of being subjected to identity fraud, making use of the free services of Mogo such as MogoProtect and credit monitoring is easy.
We are in a fast-paced digital world, where fraudsters attempt to gain access to confidential information for criminal activities. The free identity fraud protection offered by Mogo can help with alerting you of any hard inquiries which were not triggered by your action.
The platforms’ numerous money management tools will also go a long way to help improve your overall financial health.