menu_bookSafety guide Banking

Is KOHO Legit?

Referral Hub editorial team Reviewed September 2026 3 min read

How your KOHO money is protected
  • Earn Interest on $100K

    Your balance: CDIC, held in trust at member institutions

  • Earn Interest off Not stated

    Held with Peoples Trust; KOHO ties CDIC to Earn Interest

  • Card fraud Covered

    Mastercard Zero Liability, eligible transactions

verified_userShort answer

Yes, and turn on Earn Interest for CDIC

Yes. KOHO Financial Inc. is registered with FINTRAC as a money services business, and customer funds are held with Peoples Trust, a federally regulated financial institution. KOHO isn't a CDIC member, but once you opt in to Earn Interest, up to $100,000 of eligible funds can be CDIC protected.

At a glance

How KOHO protects your money and account
WhatProtected byUp toWhat it covers
Your balance, with Earn Interest onCDIC, through member institutions$100,000 per beneficiary, per member institutionEligible funds held in trust, if KOHO meets CDIC's disclosure requirements
Your balance, with Earn Interest offHeld with Peoples TrustKOHO doesn't state CDIC coverageFunds are held at a federally regulated institution
Card transactionsMastercard Zero LiabilityEligible unauthorized transactionsCharges you didn't make
Your accountTwo-step verification, biometrics, instant card lockNot applicableSomeone else getting into your account

01

Is KOHO regulated in Canada?

Yes. KOHO is registered with FINTRAC, Canada's financial intelligence agency, as a money services business (registration M15656297).

KOHO isn't a bank. The KOHO Prepaid Mastercard is issued by KOHO Financial Inc., and your money is held by a regulated partner rather than by KOHO.

02

Where is your KOHO money held?

With Peoples Trust. KOHO says customer funds are held with Peoples Trust, a federally regulated financial institution, which it partners with to safeguard your money.

When you opt in to Earn Interest, KOHO says your balance is held in trust with one or more CDIC member institutions.

03

Is your KOHO balance CDIC insured?

Once you opt in to Earn Interest, yes. KOHO isn't a CDIC member itself, but with Earn Interest on, up to $100,000 of your eligible funds can be CDIC protected through its partner institutions.

CDIC insures eligible deposits held in trust up to $100,000 per beneficiary, per member institution, provided KOHO meets CDIC's disclosure requirements. KOHO links CDIC coverage to Earn Interest; its pages don't say what covers your balance without it.

infoTurn on Earn Interest for KOHO CDIC coverage

At a CDIC-member bank, coverage is automatic. At KOHO, it follows your opt-in to Earn Interest in the KOHO app.

04

Is KOHO safe from card fraud?

Yes, with the same card protection as other Mastercards and a few controls of its own.

  • check_circleMastercard Zero Liability covers eligible unauthorized transactions on the KOHO Prepaid Mastercard.
  • check_circleYou can lock your card instantly in the app if it's lost or stolen.
  • check_circleSign-in uses two-step verification, with Face ID, device biometrics, a password or a passcode.
  • check_circleKOHO monitors dark web and open source sites for leaked account details.

05

How does KOHO protect your data?

With encryption and independent audits. Data sent to KOHO is encrypted with TLS 1.2 or higher, and personal data in its databases is stored with AES-256 encryption.

KOHO holds SOC 2 Type 2 certification, is audited every year for PCI DSS compliance, and runs a vulnerability disclosure program through HackerOne.

06

Is KOHO as safe as a bank account?

For deposit insurance, once Earn Interest is on. The difference is how you get there: CDIC coverage at a member bank is automatic, while at KOHO it comes through partner institutions once you opt in.

Protection at a CDIC-member bank compared with KOHO
At a CDIC-member bankAt KOHO
Who holds your moneyThe bankPeoples Trust, and CDIC member institutions in trust with Earn Interest on
Deposit insuranceCDIC, up to $100,000 per category, automaticCDIC, up to $100,000 of eligible funds, once you opt in to Earn Interest

Sources

Every fact on this page comes from these pages, checked on the date shown.

  1. open_in_new KOHO: Is KOHO safe? (updated August 25, 2026) · checked Sep 28, 2026
  2. open_in_new KOHO: Spending and saving that's safe and secure · checked Sep 28, 2026
  3. open_in_new KOHO: Is my money safe with KOHO? CDIC insurance and more · checked Sep 28, 2026
  4. open_in_new CDIC: Your deposit insurance coverage · checked Sep 28, 2026

KOHO safety FAQ

Is KOHO trustworthy? expand_more
KOHO is registered with FINTRAC, holds customer funds with Peoples Trust, a federally regulated financial institution, and offers CDIC protection on eligible funds once you opt in to Earn Interest.
Is my money safe with KOHO? expand_more
It's held with Peoples Trust. With Earn Interest on, it's held in trust with CDIC member institutions and up to $100,000 of eligible funds can be CDIC protected.
Does KOHO CDIC coverage apply automatically? expand_more
No. KOHO ties CDIC protection to Earn Interest, which you opt in to in the KOHO app.
Who holds KOHO customers' money? expand_more
Peoples Trust, a federally regulated financial institution. With Earn Interest on, balances are held in trust with one or more CDIC member institutions.
What if my KOHO card is lost or stolen? expand_more
Lock it instantly in the app. Mastercard Zero Liability covers eligible unauthorized transactions on the KOHO Prepaid Mastercard.
Is KOHO regulated? expand_more
KOHO is registered with FINTRAC as a money services business (M15656297). It isn't a bank; your funds are held by its regulated partners.

edit_note Written and reviewed by the Referral Hub editorial team. We check every fact against the company's or regulator's own pages, and we may earn a referral bonus when you sign up through our links. How we research and get paid.