The federal government is rolling out new measures to protect Canadians from financial scams, fake texts, and phone fraud, after losses from reported scams reached a whopping $643 million in 2024, nearly triple the amount from 2020.
Under Budget 2025, Ottawa will launch Canada’s first National Anti-Fraud Strategy, a cross-government plan to crack down on scams and financial crimes. The initiative includes new laws requiring banks to create stronger anti-fraud policies and give customers more control over their accounts. The government will also explore additional actions targeting scams in the tech and telecom sectors.
“Fraud and financial crime are evolving rapidly, and so must our response. Through Budget 2025, we are taking bold steps to protect Canadians—especially those most at risk—from exploitation and abuse. Whether it’s launching a new Federal Anti-Fraud Strategy, establishing a dedicated Financial Crimes Agency to combat financial crimes, or addressing economic abuse, our government is committed to safeguarding the financial security of every Canadian,” touted François-Philippe Champagne, Minister of Finance and National Revenue on Monday in a statement.
A new Financial Crimes Agency will be created by spring 2026 to investigate money laundering, online fraud, and organized financial crime. The agency will focus on complex cases and work to recover stolen funds. Yeah, good luck with that, especially when some scams force victims to pay in cryptocurrency.
Ottawa will also work with banks and advocacy groups to develop a voluntary Code of Conduct for the Prevention of Economic Abuse. The code aims to help financial institutions detect and respond to cases where individuals—often women, seniors, or vulnerable Canadians—are financially controlled or exploited by others.
The Financial Consumer Agency of Canada will oversee compliance once banks sign on to the code. Officials say the goal is to make Canada’s financial system more secure and restore public confidence amid a rise in sophisticated fraud schemes targeting everyday Canadians.
There are so many phishing texts, calls, and emails these days that it feels like you can’t trust anyone anymore. It used to be simple — just don’t answer calls from unknown numbers. But scammers have gotten smarter with caller ID spoofing, making their numbers look local or official. Emails now mimic real alerts from companies like Apple or major banks, tricking people into logging in and giving away their credentials. Text messages do the same, pushing fake links that look legitimate. It’s completely out of control, and you have to wonder how many non-tech-savvy people — especially seniors — are getting scammed every day. Paying the “CRA” with iTunes cards almost seems old-school now compared to the scams out there today.
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The optics i.e.. performative governance is off the charts.