Overview
- The National Anti-Fraud Strategy will be introduced in the Nov. 4 budget, Finance Minister François-Philippe Champagne announced.
- Proposed Bank Act amendments would require banks to detect and prevent consumer-targeted fraud, secure express consent before enabling transfer and payment features, allow customers to disable capabilities and adjust limits, and report fraud data to the FCAC.
- The government plans to table legislation by spring 2026 to establish a Financial Crimes Agency to investigate money laundering and online fraud and to recover illicit proceeds.
- The announcement did not specify how the new agency will interact with existing bodies such as the Canadian Anti-Fraud Centre, FINTRAC and OSFI.
- Ottawa will develop a voluntary Economic Abuse Code of Conduct with banks under FCAC oversight, as CAFC data show $643 million reported lost to fraud in 2024 with seniors and newcomers disproportionately affected and only 5–10% of cases reported.