Canada Announces New Financial Crimes Agency and National Anti-Fraud Strategy to Combat Rising Scams
The Canadian government is establishing a dedicated Financial Crimes Agency and National Anti-Fraud Strategy as fraud losses hit $643 million in 2024. The initiative aims to protect vulnerable groups and modernize financial crime enforcement by 2026.
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.