The government plans to strengthen Canada’s fight against financial fraud by requiring banks to implement anti-fraud policies, exploring broader sector-wide measures, and establishing a new Financial Crimes Agency.
Canada’s Department of Finance, in a release on 20 October 2025, announced plans to bolster its fight against financial crime with a National Anti-Fraud Strategy and the establishment of a Financial Crimes Agency.
Legislation to create the agency and enact the anti-fraud strategy will be introduced as part of Budget 2025, set for release on 4 November 2025.
In 2024 alone, the Canadian Anti-Fraud Centre reported that Canadians lost CAD 643 million to fraud, representing nearly a 300% increase since 2020, while only 5-10% of scams are reported.
In response, the Government of Canada is taking decisive action to ensure that Canadians can feel confident that their financial systems are secure and resilient.
The Honourable François-Philippe Champagne, Minister of Finance and National Revenue, joined by the Honourable Gary Anandasangaree, Minister of Public Safety, the Honourable Wayne Long, Secretary of State (Canada Revenue Agency and Financial Institutions), and the Honourable Stephanie McLean, Secretary of State (Seniors), announced a series of Budget 2025 measures that will protect Canadians against these crimes.
Budget 2025 will introduce Canada’s first-ever whole-of-government National Anti-Fraud Strategy.
As a first step, the government will introduce legislative amendments requiring banks to have policies to prevent and address fraud, while giving consumers more control over their bank accounts. The government will also explore new policy actions across sectors, including technology and telecommunications, to tackle financial fraud more broadly. These measures will build upon existing industry-led initiatives to combat fraud and scams, such as the Canadian Anti-Scams Coalition.
The government will also establish a new Financial Crimes Agency to lead Canada’s efforts in combatting sophisticated financial crimes.
This 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. The Minister of Finance and National Revenue will work with the Ministers of Justice and Public Safety to introduce legislation to stand up this agency by Spring of 2026.
Lastly, the government will work with stakeholders and banks to develop a voluntary Code of Conduct for the Prevention of Economic Abuse. Economic abuse – such as restricting access to money, sabotaging employment, or forcing debt – is a common yet under-recognised form of gender-based violence and financial harm. Seniors are also particularly vulnerable, especially when financial control or exploitation comes from family members or caregivers. Economic abuse can destroy lives and independence.
Canada’s financial institutions play a critical role in detecting signs of abuse early and providing safe pathways for victims and survivors.
The new code of conduct, overseen by the Financial Consumer Agency of Canada, will set clear expectations for how financial institutions can identify, prevent, and respond to economic abuse to better protect Canadians.
“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 to combat financial crimes, or addressing economic abuse, our government is committed to safeguarding the financial security of every Canadian.” – The Honourable François-Philippe Champagne, Minister of Finance and National Revenue.
“Canada’s new government is taking decisive action to safeguard Canadians’ financial information and life savings. Through the introduction of a federal anti-fraud strategy, a dedicated Financial Crimes Agency, and action to combat economic abuse, Budget 2025 is building Canada strong by protecting Canadians and their hard-earned money from scams, fraud, and abuse.” – The Honourable Wayne Long, Secretary of State for the CRA and Financial Institutions.
Quick facts
- The new Financial Crimes Agency will be Canada’s first-ever organization dedicated to investigating sophisticated financial crimes and recovering illicit proceeds from criminals.
- Currently, the only federal legislative consumer protection requirement for fighting fraud is a limit of consumer liability for unauthorized credit card transactions of $50. Also, the Canadian Code of Practice for Consumer Debit Card Services stipulates that consumers are not liable for losses in circumstances beyond their control, such as unauthorized use of the debit card.
- Voluntary codes of conduct are established instruments in the Canadian financial sector. For example, the Code of Conduct for the Delivery of Banking Services to Seniors addresses specific consumer needs without imposing rigid regulations.
- While it is voluntary for a bank to sign on to voluntary codes, signatory adherence to such codes is monitored by the Financial Consumer Agency of Canada, ensuring transparency and accountability once banks sign on.
