Mogo Finance Technology Inc. (TSX:MOGO) (NASDAQ: MOGO) ("Mogo" or the "Company"), a financial health app, today announced a new program with Trans Global Insurance ("TGI") to help customers of The Brick, Canada's largest home furnishings retailer, understand and combat identity fraud.
TGI is a leading provider of credit insurance and other protection products in Canada, and is the exclusive provider of such products to The Brick's customers.
Through this first-of-its-kind program, customers of The Brick who enroll in TGI's credit insurance protection will receive important credit score educational information along with a voucher for 120 days free access to MogoProtect, to help them safeguard their identity and creditworthiness. Consumers can sign up easily for MogoProtect by downloading the Mogo app from the Apple app store or Google Play.
"As data breaches continue to happen, Canadians are at an increasing risk of becoming victims of identity fraud. Knowing how severe the consequences of this can be, we believe there is a need for all Canadians to be informed and have access to a digital identity fraud detection solution," explained Moe Assaf, Senior Director, Financial & After Delivery Services, The Brick. "After researching the market, we concluded that MogoProtect is an excellent mobile-first solution. By offering it to our customers, not only are we doing our part to help prevent identity fraud, but we are also delivering real value to our customers as part of our robust package of security products and services."
MogoProtect monitors a consumer's Equifax Canada Co. credit bureau, sends alerts directly through the app and email after an inquiry, and guides consumers through the next steps to help prevent identity fraud. MogoProtect is seamlessly integrated into the Mogo Finance app, where users also have the ability to monitor and track their Equifax credit score for free.
MogoProtect was launched in November 2017 and was created to address a gap in today's protection offerings that are costly and do not offer daily monitoring and alerts through a mobile-first digital experience and to educate consumers about the need to protect their identity. Identity fraud can impact the ability to buy a home, retire and can take months and potentially years to correct. In a recent Gallup Poll, 66% of respondents were concerned about identity fraud because of the potential impact on their financial life. Approximately 80% of Canadians do not have this kind of identity fraud solution currently.
"This represents an important step in our plan to help Canadians manage and take control of their financial health as we truly believe identity fraud is one of the greatest risks facing consumers today," said David Feller, Mogo's Founder and CEO. "Teaming up with Canada's largest home furnishings retailer, and a household name such as The Brick, is part of Mogo's strategy to increase distribution of our innovative products to reach even more Canadians."
"Financial stress continues to be the number one stress factor across all demographics, and identity theft is increasingly a key concern for Canadians. Our view is every Canadian should have a solution like this because the consequences of identity fraud can be so severe," added Greg Feller, President & CFO of Mogo.