In a move to combat the rapidly growing threat of fraud and financial abuse, the federal government is unveiling new measures aimed at protecting Canadians and restoring confidence in the country’s financial systems.
Fraud has evolved far beyond traditional scams, morphing into a sophisticated and ever-changing threat that targets people of all ages — from newcomers to seniors.
According to the Canadian Anti-Fraud Centre, Canadians lost $645 million to fraud in 2024, a staggering 300% increase since 2020. Experts estimate that only 5–10% of scams are reported, meaning the true scale of the problem may be far greater.
As of September 30th, 33,854 reports have been made this year with 23,113 known victims and $544 million lost.
National anti-fraud strategy
To address this crisis, Budget 2025 will introduce Canada’s first-ever National Anti-Fraud Strategy — a comprehensive, whole-of-government approach designed to strengthen fraud prevention, detection, and accountability across multiple sectors.
Finance Minister François-Philippe Champagne said the purpose is:
“To build a stronger country, we must, first and foremost, protect Canadians against all types of crimes, including financial crimes, scams and abuse.”
The strategy will include legislative amendments requiring banks to adopt robust anti-fraud policies, while also giving Canadians more control over their accounts.
Under the new measures, banks must obtain a customer’s express consent before enabling transfers or payment features that could expose them to risk.
Consumers will also have the ability to disable features or adjust transaction limits to better protect themselves.
These updates are intended to give Canadians both autonomy and security in their financial interactions — empowering them to take a more active role in safeguarding their money.
Economic abuse
Beyond financial scams, the government is also addressing economic abuse — a form of control in which one person restricts another’s access to money, credit, or employment opportunities.
This issue disproportionately affects women, seniors, and other vulnerable populations, often as part of broader patterns of coercion or family exploitation.
To respond, the government will work with stakeholders and banks to create a voluntary Code of Conduct for the Prevention of Economic Abuse, overseen by the Financial Consumer Agency of Canada (FCAC).
“Canada’s financial institutions play a critical role in detecting signs of abuse early and providing safe pathways for victims and survivors,” the Department of Finance said in a statement.
The code will establish clear expectations for how banks can identify and respond to financial control, exploitation, or forced debt — marking a significant step toward recognizing economic abuse as a serious form of harm.
A new financial crimes agency
Another key component of the government’s plan is the creation of a Financial Crimes Agency, which will become the country’s first-ever federal body dedicated solely to investigating sophisticated financial crimes such as money laundering, organized criminal activity, and online scams.
The agency, slated to launch by spring 2026, will unite expertise from various federal departments and bring together specialists capable of handling complex financial investigations and recovering illicit proceeds.
Champagne emphasized that while this work is overdue, it’s finally moving forward:
“Well, I’m taking that over now. So it’s going to happen. You need specialized people. We’ll be attracting the best. Fighting financial crime in the 21st century is something very complex, to be honest.”
An intersectional effort
The government also plans to explore policy actions beyond the banking sector — particularly in technology and telecommunications, which have become key channels for scams involving phishing links, ghost texts, and masked voice calls.
These initiatives will build on existing partnerships such as the Canadian Anti-Scams Coalition, bringing together banks, telecoms, and government agencies in a shared effort to stop fraud before it happens.
While some critics, such as Duff Conacher of Democracy Watch, have dismissed the measures as “too little, too late,” others argue that this marks an important turning point in how Canada addresses financial crime — one that recognizes the modern realities of cyber-enabled fraud and economic coercion.
Protecting the vulnerable
The government’s anti-fraud push acknowledges that while Canadians under 50 are more likely to be targeted by scams, older adults tend to lose far more money on average.
In fact, people aged 60 and over account for roughly 40% of total reported financial losses — a statistic that underscores the urgent need for better protections for seniors.
The Honourable Stephanie McLean, Secretary of State for Seniors, echoed this focus, noting that stronger safeguards are essential for preventing financial exploitation by family members or caregivers.
Looking ahead
These initiatives are being introduced as part of Budget 2025, set to be unveiled on November 4, and reflect a broader federal vision of “building Canada strong” — one that prioritizes safety, resilience, and accountability in the face of rising digital and economic threats.
Champagne explained:
“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.
Whether it’s launching a new Federal Anti-Fraud Strategy, establishing a dedicated Financial Crimes Agency, or addressing economic abuse, our government is committed to safeguarding the financial security of every Canadian.”
Quick Facts:
- Canadians lost $643 million to fraud in 2024, a 300% increase since 2020.
- Only 5–10% of fraud cases are reported.
- People over 60 accounted for 40% of total losses reported to the Canadian Anti-Fraud Centre.
- The Financial Crimes Agency is scheduled to launch by Spring 2026.
- The Code of Conduct for the Prevention of Economic Abuse will be monitored by the Financial Consumer Agency of Canada.
- Voluntary codes are a common accountability mechanism in the financial sector, similar to the Code of Conduct for the Delivery of Banking Services to Seniors.
