Canada Announces New Financial Crimes Agency and National Anti-Fraud Strategy to Combat Rising Scams

New Federal Agency to Target Financial Crime

Canada is creating its first standalone Financial Crimes Agency as part of a sweeping national strategy to combat online fraud and financial scams, according to government reports. The announcement from Finance Minister François-Philippe Champagne comes amid what officials describe as a dramatic increase in financial crimes targeting Canadians, with reported losses reaching $643 million in 2024 alone.

New Federal Agency to Target Financial Crime
Sharp Rise in Fraud Losses
National Anti-Fraud Strategy Details
Protecting Vulnerable Canadians
Implementation Timeline and Next Steps

Sharp Rise in Fraud Losses

According to the Canadian Anti-Fraud Centre, financial fraud has increased nearly 300% since 2020, with sources indicating that only 5-10% of such crimes are typically reported. The government’s response, outlined in Budget 2025 measures, establishes a comprehensive framework to coordinate anti-fraud efforts across multiple sectors.

“Fraud and financial crime are evolving rapidly, and so must our response,” Champagne stated in the announcement. Analysts suggest the new approach reflects growing concern about sophisticated scams affecting vulnerable populations, particularly seniors.

National Anti-Fraud Strategy Details

The National Anti-Fraud Strategy will serve as the central pillar of Canada’s enhanced financial protection efforts. The report states this initiative will guide efforts against phishing scams, fake investment schemes, and online financial crimes while modernizing existing legislation.

According to the Department of Finance, the strategy includes amendments to the Bank Act that would require financial institutions to maintain stronger anti-fraud policies. The government reportedly aims to make Canada “best in class” in the global fight against financial crime.

Protecting Vulnerable Canadians

Beyond the new agency, the government plans to introduce a voluntary Code of Conduct for the Prevention of Economic Abuse in partnership with financial institutions. The report states this code addresses lesser-known financial harms such as restricting access to money, forced debt, and employment sabotage that disproportionately affect women and seniors.

“I’ve heard first-hand from seniors and their families across Canada how their lives were turned upside down by scams and financial fraud,” said Stephanie McLean, Secretary of State for Seniors. “They’ve asked the government to act, and that’s exactly what we’re doing.”, according to market analysis

Implementation Timeline and Next Steps

Officials indicate the Financial Crimes Agency is expected to become operational by spring 2026, pending legislative approval. The government reportedly plans to consolidate expertise across departments to enhance coordination on complex cases involving money laundering, organized crime, and online financial scams., according to market insights

Public Safety Minister Gary Anandasangaree emphasized that “a stand-alone Agency to fight financial crime is critical to maintaining confidence in our financial system, and keeping people, and their money, safe.”

While the final cost of the new agency hasn’t been disclosed, sources indicate the initiative will be included in the November 4 federal budget, with the government seeking cross-party support for the measures.