US EditionLiberals announce plan for national financial crime agency targeting online scams
The new financial crimes agency will tackle sophisticated fraud linked to organized crime as Canadians lost $643 million to scams in 2024, officials said.
- Today, the federal Liberals will unveil measures to counter fraud and strengthen Canadians’ financial security, Finance Minister François-Philippe Champagne announced.
- Canadians lost $643 million to fraud in 2024, a nearly threefold increase since 2020, with people 60 and older accounting for about 40 per cent of the losses, the Canadian Anti‑Fraud Centre found.
- The proposed Bank Act changes would require banks to detect fraud, obtain clear consent for e‑transfers and report fraud data to the Financial Consumer Agency of Canada, while Ottawa will launch consultations on a voluntary Economic Abuse Code and investigate schemes linked to organized crime.
- The announcement comes as the minority government looks for a partner in Parliament to pass its agenda, and Champagne was joined Monday by Gary Anandasangaree, Wayne Long, and Stephanie McLean.
- The news release did not explain how the new Financial Crimes Agency would interact with FINTRAC and the Canadian Anti‑Fraud Centre, while OSFI already supervises more than 400 financial institutions.
19 Articles
19 Articles
The Toronto Star
Feds to introduce Canada’s first-ever national anti-fraud strategy and new agency
Through the new strategy, the Liberals will explore new policies and actions that require firms across the technology, telecommunications and financial sectors to step up to combat financial fraud.
Ottawa to Establish New Anti-Fraud Strategy in Budget, Create Financial Crimes Agency
The Liberal government says it will include a new strategy to tackle online financial crimes in its upcoming budget, and introduce legislation to create a financial crimes agency by the spring of 2026. Canadians lost an estimated $643 million to financial scams in 2024, Finance Minister François-Philippe Champagne said at an Oct. 20 press conference, noting that the figure represents a nearly 300 percent increase since 2020. He said the governme…
The Minister of Finance also announced the desired creation of a financial crime agency.
Liberals announce plans for national financial crime agency targeting online scams
The federal Liberals plan to create a new financial crimes agency to tackle online scams as part of a national anti-fraud strategy, Finance Minister François-Philippe Champagne announced on Monday.
Coverage Details
Bias Distribution
- 64% of the sources lean Left
Factuality
To view factuality data please Upgrade to Premium
