Canada Takes Bold Steps Against Financial Fraud: Announcing a National Anti-Fraud Agency and Strategy
Canada Unveils National Anti-Fraud Strategy and Establishes New Financial Crime Agency
By Naimul Karim, Financial Post — October 20, 2025
The Canadian government fights fraud. It launches a national anti-fraud plan and creates a new financial crime unit. Finance Minister François-Philippe Champagne spoke at a press event on Monday. His words stress the need to act fast as fraud grows.
Escalating Financial Fraud Sparks Government Action
Financial fraud in Canada climbs high. Losses jumped 300 percent since 2020. The Canadian Anti-Fraud Centre shows Canadians lost about $643 million in 2024. Only 5 to 10 percent of scams get reported officially. The Canadian Bankers Association sees fraud costing about $11 billion each year. That loss equals roughly 0.53 percent of the country’s GDP.
Fraud touches many areas. Scammers use text, email, and social media to reach victims. Minister Champagne said, “Firms in technology, telecommunication, and finance must step up.”
Key Components of the National Strategy
The strategy comes with next month’s federal budget. It tells banks to use strong rules to fight fraud. This step aims to protect Canadians. Seniors, for example, lost $176.6 million last year.
The government will also work with banks and other groups on a voluntary code. This guide helps banks spot and stop economic abuse. It offers clear steps to keep customers safer.
A New Agency Dedicated to Fighting Financial Crime
Minister Champagne now sets up a new federal agency. This agency leads the fight against fraud, money laundering, and related crimes. It also works to recover stolen money. The move shifts from scattered efforts to a focused plan.
Special experts will head this agency. Champagne noted, “You need people with strong investigative skills who can target organized crime.” New laws and changes will support this step. The government plans to act quickly.
Broader Government Commitment
Multiple agencies already work on fraud in Canada. Yet, as scams evolve, a more unified response is needed. Minister Champagne stresses more teamwork between banks and government bodies.
Canada faces rising financial crime. This plan, with easier rules and focused action, aims to restore trust in the financial system and protect all Canadians.
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