What is credit card fraud?

It’s not surprising that there's been a big shift to online shopping and a dramatic increase in the amount of digital transactions during the pandemic. Unfortunately, criminals don’t discriminate, even during these tough times, and there’s been a reported 23% increase of identity fraud since early March. The damage caused to your financial future from identity fraud can be huge and yet most of us aren't doing anything to protect ourselves. No, your credit card company doesn’t cover identity fraud, and it’s important to understand the difference between identity fraud and credit card fraud: In today’s world we are all at an increasing risk of becoming a victim of identity fraud and it’s up to us to protect ourselves. This is why we created MogoProtect, the easiest way to help protect yourself from becoming a victim. MogoProtect will monitor your Equifax credit bureau daily and alert you about any hard inquiries on your bureau – the first sign that someone may be trying to take credit out in your name. If you notice a suspicious inquiry, we’ll help guide you through the steps to help stop fraudsters in their tracks. The good news

How to become a millionaire

It takes the average millionaire 28 years of investing before they hit that 1 million dollar mark. The lesson is clear: consistent, long term investing is the surest path to success. But, what most people don’t realize is that even a small amount of money can get you there. Just $4 a day - that’s right, what we would spend on a latte- could turn into over $4M if you invested long enough. This is based on the average annual return of the market as measured by the S&P 500 of 10%. If you doubled that to $8/day, you could get to double the returns.1 Remember, if you have high cost debt like credit cards, pay these off first since the rate of interest is usually about 20%, which is double the average return of the S&P 500. Learn how to get out of debt here. According to one of the largest studies ever on millionaires, building wealth isn’t about luck. Smart spending, consistent investing, and avoiding debt were the keys to hitting that million dollar mark. Many millionaires also follow some easy to follow habits to help accumulate wealth: 94% said they

Goal setting tips & tricks

Got big money goals like getting out of debt or retiring? That’s great! Did you know that research has shown that you’re more likely to achieve your bigger goals by breaking them into shorter term goals? For example, if your big goal is to pay off all of your debt in 5 years, your initial goal could be to simply pay $50 extra towards your debt by the end of the month. By breaking your big goal down into shorter term and more realistic goals that you can easily achieve, you’ll set yourself up for success. When you succeed, your brain releases a chemical called dopamine, AKA the “feel good” neurotransmitter. These good feelings and positive emotions help increase your motivation to continue and eventually achieve the ultimate result you want. So break those big goals down, make it easy to win, and let the momentum fuel you to success! Signup for a Mogo account today to get more tips on how to stay on track with your goals SIGNUP NOW –The Mogo Team

How to spend less money online

COVID-19 has made many of us switch to online shopping. But did you know that even before the pandemic one study found that online shopping was the #1 culprit for overspending? If you shop online, try leaving the items in your cart for 24 hours before hitting the checkout button to see how much less you spend. There’s a good chance that by the time you come back you’ll realize that your purchase doesn’t align with your goals and values (financial, social, and environmental), or that you just don’t need it. Download the app today to learn more about how Mogo can help you reach your goals by staying consistent with your financial habits! Download the app on IOS here and on Android here. –The Mogo Team