Canada’s federal government has announced a sweeping set of reforms to combat the growing threat of financial scams, fraud, and abuse, including the launch of a new Financial Crimes Agency and the country’s first-ever National Anti-Fraud Strategy.
The measures, revealed as part of Budget 2025, aim to protect Canadians from increasingly sophisticated financial crimes that exploit digital technologies and personal vulnerabilities. According to the Canadian Anti-Fraud Centre, Canadians lost a record $643m to fraud in 2024—a nearly 300% increase since 2020. Yet, officials warn that only 5–10% of incidents are ever reported, highlighting a severe underestimation of the problem.
Announcing the measures, Minister of Finance and National Revenue François-Philippe Champagne said the new framework marks a turning point in Canada’s fight against financial exploitation. “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 National Anti-Fraud Strategy will introduce legislative amendments requiring banks to implement fraud prevention and response policies while granting customers greater control over their accounts. The government will also expand its focus beyond banking to include technology and telecommunications providers, recognising the role these sectors play in enabling or preventing fraud.
A key feature of the initiative is the creation of the Financial Crimes Agency, which will coordinate Canada’s national response to complex financial crimes such as money laundering, organised criminal activity, and online scams. This agency will consolidate expertise across departments to investigate and recover illicit proceeds. Legislation to establish the agency is expected to be introduced by spring 2026.
Public Safety Minister Gary Anandasangaree said, “Today’s financial criminals make use of every modern tool at their disposal to try to defraud Canadians. Our government’s new Strategy is tackling head-on the threat posed by these fraudsters. 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 Budget also includes plans to develop a voluntary Code of Conduct for the Prevention of Economic Abuse, overseen by the Financial Consumer Agency of Canada. Economic abuse, which can include controlling access to money or forcing debt, is recognised as a major yet under-reported form of financial harm—particularly among women, seniors, and other vulnerable groups.
Wayne Long, Secretary of State for the CRA and Financial Institutions, said, “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.”
Secretary of State for Seniors Stephanie McLean added, “I’ve heard first-hand from seniors and their families across Canada how their lives were turned upside down by scams and financial fraud. They’ve asked the government to act, and that’s exactly what we’re doing. With Canada’s first-ever national Strategy to fight fraud, we’re taking real steps to protect older Canadians and make our financial systems safer for everyone.”
The government’s multi-pronged approach underscores a growing recognition that combating financial crime requires cooperation between public and private sectors. With the rise in online scams and cyber-enabled crime, these new initiatives represent Canada’s most comprehensive effort yet to protect its citizens’ financial well-being.
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