The federal Liberals plan to create a financial crimes agency to tackle online scams, all part of a national anti-fraud strategy, Finance Minister François-Philippe Champagne announced on Monday.
The government will introduce the strategy on Nov. 4 as part of its fall budget, Champagne said at a press conference.
The announcement comes as the minority government looks for a partner in Parliament to help pass its financial agenda.
“This is a big bold step,” Champagne said. “As fraud becomes more sophisticated, more Canadians are being impacted.”
Increasingly intricate financial scams — such as ghost texts, phishing links and phony bank emails — pose a growing threat to Canadians, the minister said.
Canadians lost an estimated $643 million to fraud in 2024, a nearly threefold increase since 2020, according to the Canadian Anti-Fraud Centre, which estimates only five to 10 per cent of scams are reported.
Among the government’s proposed measures is a plan to amend the Bank Act so that it requires banks to have policies to prevent and address fraud.
“Fighting financial crime in the 21st century is something very complex,” he said. “I want Canada to be best in class.”
Champagne made the announcement alongside Public Safety Minister Gary Anandasangaree, Wayne Long, secretary of state for Canada Revenue Agency and Financial Institutions, and Stephanie McLean, secretary of state for seniors.
