Is KOHO Safe?

Yes, KOHO is designed with several safeguards to protect your money and account.

Customer funds are held with Peoples Trust. KOHO also uses two-step verification and encryption. KOHO Prepaid Mastercard is protected by Mastercard Zero Liability for eligible unauthorized transactions.

Where Does KOHO Keep Your Money?

KOHO partners with Peoples Trust to safeguard customer funds. Peoples Trust is a federally regulated financial institution.

This means your balance is not simply being held directly by KOHO.

Is KOHO CDIC Insured?

KOHO funds can be eligible for Canada Deposit Insurance Corporation (CDIC) protection.

Once you opt in to Earn Interest, up to $100,000 of eligible funds can receive CDIC protection through its banking partner.

CDIC generally protects eligible deposits held at member institutions up to the applicable coverage limits.

How Does KOHO Protect Your Account?

KOHO offers several account security features.

These include:

• Two-step verification

• Face ID and device biometrics

• Password or passcode protection

• The ability to instantly lock your card

• Account monitoring

• Encryption for personal information

KOHO says transmitted data is encrypted using TLS 1.2 or higher. Personal data stored in its databases uses AES-256 encryption.

What Happens If Your KOHO Card Is Stolen?

You can lock your KOHO card directly from the app if it is lost or stolen.

The KOHO Prepaid Mastercard is also covered by Mastercard Zero Liability Protection for qualifying unauthorized transactions.

You should still report suspicious transactions as soon as you notice them.

So, Is Your Money Safe With KOHO?

KOHO has several layers of protection in place. Your funds are safeguarded through Peoples Trust. Eligible funds can receive CDIC protection after opting in to Earn Interest.

KOHO also uses account authentication and encryption. Its prepaid Mastercard includes Mastercard Zero Liability Protection for qualifying transactions.

As with any financial account, keep your password private. Turn on available security features. Report suspicious activity quickly.