In a rapidly changing and uncertain world, Canada's new government is focused on what we can control. We are protecting our communities and our country. We are building our economy with major projects and millions more homes. We are empowering Canadians with lower costs and new opportunities to help you get ahead. We cannot control what other nations do, but we can control what we choose to build - and we are building Canada Strong.
To build a stronger country, we must protect Canadians against financial scams and abuse.
From ghost texts and mysterious links, to masked voiceover calls and phony bank emails, fraud and financial crimes are becoming increasingly sophisticated and harder to detect - and remain an ever-growing threat to the financial well-being of Canadians everywhere.
Seniors, newcomers, and other vulnerable populations are disproportionately affected.
In 2024 alone, the Canadian Anti-Fraud Centre reported that Canadians lost $643 million to fraud, representing nearly a 300 per cent increase since 2020, while only 5-10 per cent 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.
Today, 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.
