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The announcement comes amid a sharp rise in scams targeting Canadians and growing calls for stronger protections.
The Canadian government has unveiled a plan to combat financial crime and online fraud, including the creation of a new Financial Crimes Agency and the launch of the country’s first-ever National Anti-Fraud Strategy.
The announcement, made by Finance Minister François-Philippe Champagne alongside other senior officials, comes amid a sharp rise in scams targeting Canadians and growing calls for stronger protections.
“Fraud and financial crime are evolving rapidly, and so must our response,” Champagne said in a statement. “Through Budget 2025, we are taking bold steps to protect Canadians — especially those most at risk — from exploitation and abuse.”
According to the Canadian Anti-Fraud Centre, Canadians lost $643 million to fraud in 2024, marking a nearly 300% increase since 2020. Officials note that only a fraction — about 5% to 10% — of such crimes are ever reported.
Under the proposed Budget 2025 measures, Ottawa will roll out a comprehensive framework to coordinate anti-fraud efforts across government, industry, and law enforcement.
Central to the government’s anti-fraud push is the creation of a Financial Crimes Agency, described by officials as Canada’s first dedicated body to investigate and recover assets from complex financial crimes.
According to the Canadian Department of Finance, the agency will focus on cases of money laundering, organized crime, and online financial scams, consolidating expertise across departments to enhance coordination and enforcement. The government expects to have the agency operational by spring 2026, pending the passage of enabling legislation.
Public Safety Minister Gary Anandasangaree said, “A stand-alone Agency to fight financial crime is critical to maintaining confidence in our financial system, and keeping people, and their money, safe.”
The National Anti-Fraud Strategy will serve as a central pillar of this plan, guiding efforts to counter phishing scams, fake investment schemes, and online financial crimes. The strategy also aims to modernize existing legislation and give Canadians more control over their financial information.
As reported by CBC News, the government plans to amend the Bank Act to require banks to maintain stronger policies against fraud and scams. Champagne said the goal is to ensure that “banks have policies to prevent and address fraud,” and that the country becomes “best in class” in the global fight against financial crime.
The initiative is being positioned as part of a broader effort to rebuild public trust in the financial system and protect vulnerable groups, particularly seniors, who have been disproportionately affected by scams.
Beyond financial scams, the government will also introduce a voluntary Code of Conduct for the Prevention of Economic Abuse, in partnership with banks and financial institutions.
Economic abuse — such as restricting access to money, forcing debt, or sabotaging employment — is a lesser-known form of financial harm that often affects women and seniors. The code will set clear expectations for how banks can identify and respond to such cases.
“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.”
While the cost of the new agency has not yet been finalized, officials say the initiative will be included in the November 4 federal budget. The Liberals are expected to seek support from opposition parties to pass the measure as part of their broader fiscal plan.
Elsewhere in the world of fintech, the UK’s Competition and Markets Authority has given the green light to Global Payments’ $22.7 billion acquisition of Worldpay.
Aminu Abdullahi is a B2C and B2B technology and finance writer with more than six years of experience covering enterprise IT, cybersecurity, cloud computing, artificial intelligence, fintech, business software, and emerging technologies. His work has appeared in publications including TechRepublic, eWEEK, Channel Insider, Geekflare, Enterprise Networking Planet, eSecurity Planet, CIO Insight, and Webopedia. With a technical background in computer science, he specializes in translating complex technology topics into clear, accessible content for business leaders and decision-makers.
