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 government needs to “take bold action” to stop these types of crimes.
Budget 2025, to be released on Nov. 4, will introduce a National Anti-Fraud Strategy created in collaboration with the financial sector, Champagne said. The strategy will require banks to have policies to address fraud and give customers more control over their bank accounts. …