Press Release

Mogo Helps Protect Canadians from Rising Risk of Identity Fraud

Mogo now offering digital solution MogoProtect for free

MogoProtect

Vancouver, British Columbia, August 18, 2020Mogo Inc. (TSX:MOGO) (NASDAQ:MOGO) (“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.

About Mogo

Mogo — a financial technology company — offers a finance app that empowers consumers with simple solutions to help them get in control of their financial health and be more mindful of the impact they have on society and the planet. We all know it’s time to do things differently. It’s time for a new way to manage our money, one that’s inclusive and sustainable. One that takes into account our financial health, the planet’s health and the health of our society. At Mogo, users can sign up for a free account in only three minutes and begin to learn the 4 habits of financial health and get convenient access to products that can help them achieve their financial goals and have a positive impact on the planet including a digital spending account with Mogo Visa* Platinum Prepaid Card featuring automatic carbon offsetting, free monthly credit score monitoring, ID fraud protection and personal loans. The Mogo platform has been purpose-built to deliver a best-in-class digital experience, with best-in-class products all through one account. With more than one million members and a marketing partnership with Canada's largest news media company, Mogo continues to execute on its vision of becoming the go-to financial app for the next generation of Canadians. To learn more, please visit mogo.ca or download the mobile app (iOS or Android).

For further information:

Craig Armitage
Investor Relations
craiga@mogo.ca
(416) 347-8954