The Canadian government has announced that it will launch a series of measures to protect its citizens from financial fraud, including the launch of a new Financial Crimes Agency.

The government has also revealed plans for the country’s first National Anti-Fraud Strategy.

The measures respond to figures published by the Canadian Anti-Fraud Centre which show that Canadians lost $643 million to fraud in 2024, representing nearly a 300 per cent increase since 2020, while only five to ten per cent of scams are reported.

As a first step, the government said it 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 added that it will explore new policy actions across sectors, including technology and telecommunications, to tackle financial fraud more broadly.

It will also 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 an under-recognised form of gender-based violence and financial harm according to the government.

The government said that 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.

These measures will build upon existing industry-led initiatives to combat fraud and scams, such as the Canadian Anti-Scams Coalition.

The government said the new Financial Crimes Agency will bring together the expertise needed to investigate complex cases of money laundering, organised 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 launch the agency by spring next year.

François-Philippe Champagne, minister of finance and national revenue said that fraud and financial crime are evolving rapidly.

“Through Budget 2025, we are taking bold steps to protect Canadians—especially those most at risk—from exploitation and abuse,” he added. “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.”

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