In response to rising financial fraud and economic abuse, the Government of Canada has announced a series of measures under Budget 2025 aimed at strengthening national financial security and protecting vulnerable citizens. Fraud losses in Canada surged to $643 million in 2024, nearly a 300% increase since 2020, with seniors, newcomers, and vulnerable groups disproportionately affected.
To address this growing threat, Minister of Finance and National Revenue François-Philippe Champagne, alongside cabinet colleagues, introduced Canada’s first-ever National Anti-Fraud Strategy—a whole-of-government initiative to combat scams, financial crime, and online abuse. As part of this effort, the government will:
- Require banks to implement stronger fraud prevention policies and give consumers greater control over their accounts through upcoming legislative amendments.
- Explore further measures across sectors, including technology and telecommunications, to counter financial fraud in a more coordinated manner.
- Establish a new Financial Crimes Agency, mandated to investigate complex money laundering, organized crime, and online financial scams while recovering illicit assets. Legislation to create this agency is expected by Spring 2026.
Additionally, the government is working with stakeholders and financial institutions to develop a voluntary Code of Conduct for the Prevention of Economic Abuse. This will help banks and financial institutions identify, prevent, and respond to financial control and exploitation—particularly affecting seniors and victims of gender-based violence.
These measures reflect the federal government’s broader commitment to building a safer, more resilient economy while ensuring Canadians can trust their financial systems in an increasingly digital and uncertain world.
