National Anti-Fraud Strategy to explore policy actions across sectors, including technology and telecommunications, to tackle financial fraud
The federal government has announced a comprehensive plan to combat financial fraud and scams, introducing Canada’s first National Anti-Fraud Strategy and establishing a dedicated Financial Crimes Agency.
Finance minister François-Philippe Champagne revealed the measures outlined in Budget 2025, addressing what officials describe as an escalating threat to Canadians’ financial security.
The Canadian Anti-Fraud Centre reported Canadians lost $643 million to fraud in 2024, representing nearly a 300% increase since 2020.
“Fraud and financial crime are evolving rapidly, and so must our response,” Champagne said. “We are taking bold steps to protect Canadians—especially those most at risk—from exploitation and abuse.”
Officials estimate the reported losses represent only 5% to 10% of total fraud in Canada, as many victims remain reluctant to report scams. Seniors, newcomers and other vulnerable populations face disproportionate impacts from increasingly sophisticated schemes, including ghost texts, masked voiceover calls, and phony bank emails.
Banks to strengthen consumer protections
The National Anti-Fraud Strategy will require banks to implement policies detecting and preventing consumer-targeted fraud. The government noted that legislative amendments to the Bank Act will mandate that financial institutions obtain express consent before enabling account capabilities fraudsters exploit, including transfer and payment functions. Account holders will gain the ability to disable unwanted features and adjust transaction limits for protection.
Banks will also collect fraud data and report it to the Financial Consumer Agency of Canada under the new requirements.
The government will establish the Financial Crimes Agency by spring 2026, pending legislation. The new organization will unite expertise to investigate money laundering, organized criminal activity and online financial scams while recovering illicit proceeds. Champagne will work with the ministers of justice and public safety to introduce the necessary legislation.
“Today’s financial criminals make use of every modern tool at their disposal to try to defraud Canadians,” said public safety minister Gary Anandasangaree. “A stand-alone Agency to fight financial crime is critical to maintaining confidence in our financial system, and keeping people, and their money, safe.”
More than 2,300 Canadians reported falling victim to job and employment scams, and collectively lost over $49 million to fraudsters.
Addressing economic abuse and vulnerable populations
The government will also develop a voluntary Code of Conduct for the Prevention of Economic Abuse in collaboration with stakeholders and banks. Economic abuse—restricting access to money, sabotaging employment, or forcing debt—represents a common yet under-recognized form of gender-based violence and financial harm. The department highlighted that seniors face particular vulnerability when financial control or exploitation comes from family members or caregivers.
The Financial Consumer Agency of Canada will oversee the code, which establishes expectations for how financial institutions identify, prevent, and respond to economic abuse.
“I’ve heard first-hand from seniors and their families across Canada how their lives were turned upside down by scams and financial fraud,” said Stephanie McLean, secretary of state for seniors. “They’ve asked the government to act, and that’s exactly what we’re doing.”
Currently, federal consumer protection legislation limits liability for unauthorized credit card transactions to $50. The Canadian Code of Practice for Consumer Debit Card Services stipulates consumers bear no liability for losses in circumstances beyond their control.
The measures will explore policy actions across sectors, including technology and telecommunications, building upon existing industry initiatives such as the Canadian Anti-Scams Coalition.
