Canada is establishing a financial crimes agency to combat the growing threat of online scams as part of a national anti-fraud strategy that will also involve greater accountability from banks.
In 2024, the Canadian Anti-Fraud Centre reported that Canadians lost $643 million to fraud, marking nearly a 300% increase since 2020, with only 5-10% of scams being reported.
The government plans to unveil its strategy in its budget this November. This initiative will include legislative changes mandating banks to implement policies for preventing and addressing fraud, while also granting consumers more control over their accounts. Furthermore, the government will consider policies targeting the technology and telecommunications sectors to address financial fraud more comprehensively.
Additionally, the new Financial Crimes Agency will consolidate expertise to investigate complex cases of money laundering, organized crime, and online financial scams, as well as recover illicit proceeds.
François-Philippe Champagne, the minister of finance and national revenue, stated, “Fraud and financial crime are evolving rapidly, and so must our response. Through Budget 2025, we are taking bold steps to protect Canadians—especially those most at risk—from exploitation and abuse.”