How Secure is Koho? 🔒

At Koho, we take the safety and security of your funds on your Koho account very seriously. While Koho is not a traditional financial institution, we follow the same procedures required by the Canadian government to ensure that all our customers are protected against money laundering and terrorist financing.

As transparency is one of our core values here at Koho, we wanted to address some of the most frequently asked questions from our Koho community on our security procedures:

1. Where is my money stored, and how is it protected?

We’ve partnered with Peoples Trust, a CDIC-insured trust company based in Vancouver, BC to hold funds for us. However, because our Koho customers’ accounts are with Peoples Trust via Koho, CDIC insurance does not apply. CDIC insurance only covers your deposits in the event of the issuer’s failure, in this case Peoples Trust. While not impossible, it is extremely unlikely that Peoples Trust fails.

2. Why was I asked to provide additional documents to verify my identity?

As a Canadian financial services company, we must comply with the rules and regulations of the Canadian government under FINTRAC. We perform a soft check to verify that you have a Canadian credit file, and to confirm your identity. As this is purely a soft check (and not a hard check), this will not affect your credit score or history.

If the information you had entered on Koho does not match what we have on file from your Canadian credit file, we may request additional documents to verify your identity.

(Tip: When signing up for Koho, we recommend using your full legal name and the address you used to open your last bank account or credit card. If you’ve moved recently, you can message us on our in-app chat or so we can make sure your new Koho card will be sent to the correct address).

3. What do I do if I suspect that my Koho Visa card was compromised?

With Koho, you’re always in control. If you ever suspect that someone is using your Koho card, simply lock your card under Settings > Lock Card to prevent any further access to your Koho card. Once you lock your card, contact our support team via our in-app chat or immediately so we can investigate further. Your Koho Visa card is also protected under Visa’s Zero Liability Policy, so you can have a peace of mind knowing that you’re protected from unauthorized use of your card or account information (even when you’re travelling!).

4. I want to set up a Direct Link from my existing bank account to Koho, but why do you need to initiate a micro-transaction from my bank account?

For added security on direct linking, we will need to confirm your bank account for the direct link by initiating a micro-transaction. We only do this confirmation step once, and for subsequent direct links for the same account, you will not need to confirm again.

Before we pull your requested amount, we will pull a few cents out of your account to confirm your existing bank account. Once you see the micro-transaction come through on your bank account on the next business day, simply confirm the amount pulled from your account with our support team via our in-app chat. We will then credit the amount back into your Koho account, and initiate your direct link request. For a step-by-step guide on how to set up a Direct Link with Koho, see here.

5. What are all the security codes I need to remember for Koho?

When you sign up for Koho, there are 4 important passwords you will need to remember: 1) Your Koho Load Code; 2) Your Access Code; and 3) Your PIN; 4) Your App Password:

Your Koho Load Code is a 6-digit numerical code you will need to use as the e-Transfer password for loading your Koho account.
(Tip: If your bank does not allow for numerical passwords for e-Transfers via their mobile banking app, you can try sending an e-Transfer via your bank’s web portal).

Your Access Code is a 4-digit numerical code you will need to access the Koho app. You will be prompted to set up your Access Code once you send your first $20 e-Transfer to load your Koho account. Use this code to log into your Koho account and to reset your account password if you ever forget it.

Your PIN is a 4-digit numerical code you will need to set up for your Koho Visa card. Your PIN will be required to withdraw cash from any one of our 8,500 ATMs across Canada, and for our chip-enabled cards (which will be released later this month!).

Your App Password is the password you will need to set to access your account on the Koho app. As an added security measure, your App Password will be required when logging into your Koho app (in addition to your Access Code).

Tip: Try a combination of the following to set a secure App Password:

  • Uppercase, lowercase, numbers and symbols
  • More than one number and/or more than one symbol
  • Multiple words (e.g. AppleOrangeBanana123@!)

We hope this provides some clarity around how we ensure the security and safety for all our customers at Koho. For all other security questions or concerns, feel free to reach out to our support team via our in-app chat or!

About the Author

Lynn Shinto


Community Manager