On October 20, Canada’s Department of Finance announced three new measures aimed at protecting their citizens from financial scams and abuses.

The first of the new initiatives included the National Anti-Fraud Strategy, which, if enacted, would require banks to implement policies to prevent and address fraud. Second, the Department stated it planned to establish a Financial Crimes Agency, the first federal organization dedicated to investigating complex financial crimes and recovering illicit proceeds. Legislation to create the agency is expected to be introduced by spring 2026. Last, the government proposed collaborating with stakeholders and banks to develop a voluntary Code of Conduct for the Prevention of Economic Abuse, establishing clear expectations for financial institutions to identify, prevent and respond to economic abuse, with a particular focus on protecting seniors and other vulnerable populations.

According to data cited in the announcement, Canadians lost $643 million to fraud in 2024, marking a nearly 300 percent increase since 2020, despite only a small fraction of scams being reported.