Canada is setting up a financial crimes agency to take on a rising tide of online scams as part of a national anti-fraud strategy that will also require more action from banks.
In 2024, the Canadian Anti-Fraud Centre reported that Canadians lost $643 million to fraud, representing nearly a 300% increase since 2020, while only 5-10 per cent of scams are reported.
As part of its budget, in November the government will introduce its strategy to tackle the problem.
This will include legislative amendments requiring banks to have policies to prevent and address fraud, while giving consumers more control over their accounts. The government will also explore policies targeting the technology and telecommunications sectors, to tackle financial fraud more broadly.
Meanwhile, a new Financial Crimes Agency will unite the expertise needed to investigate complex cases of money laundering, organized criminal activity and online financial scams, and to recover illicit proceeds.
François-Philippe Champagne, minister of finance and national revenue, says: "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."