How Neo keeps your money and data safe and secure

November 17, 2020

Safety first. That’s the number one rule of thumb at Neo because protecting your personal information and money is our priority. We are trusted with Canadians’ life savings, rainy day funds, credit and everyday cash–and we don’t take it lightly. That’s why we push our security into overdrive to keep it all under wraps. 

You can expect transparency and control with us. It’s our job to think about these things, so you can have peace of mind and better yet, think about your next financial goal, dream vacay, or big-ticket item.

Here’s what we’re doing to keep your personal data and money secure.

Your money is insured

Your money belongs to you and is safely held at a Canadian bank. The Neo Savings account is provided by Concentra Bank, a CDIC member institution, and is eligible for CDIC deposit protection. Deposits held in Neo Savings accounts are combined with eligible deposits held at Concentra Bank for up to $100,000 of deposit protection, per category, per depositor. So you can rest assured your money’s not going anywhere unless you say so.

Freeze your card

If your Neo credit card goes missing, you can get in front of it immediately by blocking transactions through your phone. Whether you left your wallet at a restaurant or your card slipped out of your pocket, simply open the Neo app and tap the snowflake icon to freeze your card. This immediately ensures that no new card purchases or ATM withdrawals can be made. When your card turns up, just hit unfreeze to resume your activities.

Mastercard Zero Liability Protection

Have peace of mind knowing that we won’t hold you responsible if your card has been used without your authorization. Whether fraudulent purchases were made in-store, over the phone, online, via a mobile device or ATM, Mastercard Zero Liability Protection ensures you don’t take the fall for any of it. Immediately report fraud or your card stolen and we’ll take care of the rest, starting by issuing you a new one.

Proactive alerts and 24/7 watch

Get real-time notifications any time there’s movement in your account. We take note of your daily coffee runs, paydays, the whole nine yards, and are on the lookout for any fraudulent activity. We warn you as soon as possible when we spot something fishy and work all around the clock to keep your data and money safe.

PIN, password and biometrics

Your account isn’t just password protected. We up our security with touch and face ID too. Simply turn on biometrics in the Neo app to set up your unique identity access. An extra layer or two of security never hurts. Plus, you’ll still have a 4-digit pin for your card.

You’re in safe hands 

At Neo, we take precautions to keep your personal information and money under lock and key. Real-time notifications on every purchase and reward you earn, the ability to freeze your card if you need to, our zero liability protection and more all protect you against fraud. We’ve got it under control and in fact, you do too–right from your phone. 

To learn more about Neo and our security and control, check out our FAQs.