Canada Launches National Financial Crimes Agency to Fight Online Scams
The federal government is taking a firm stand against the rising tide of online scams with a bold new initiative.
Finance Minister François-Philippe Champagne announced that the Liberal government plans to establish a national financial crimes agency—a cornerstone of Canada’s upcoming national anti-fraud strategy. The official introduction is set for November 4, coinciding with the release of the fall budget.
This move comes as the minority Liberal government seeks allies in Parliament to support its financial agenda. Champagne described the initiative as a major step forward, emphasizing that digital fraud has become increasingly advanced, leaving more Canadians vulnerable each year.
“As fraud becomes more sophisticated, more Canadians are being impacted,” Champagne stated.
Growing Threat of Financial Fraud
Scammers have shifted their tactics, targeting Canadians through deceptive phishing emails, fake banking links, and text message scams designed to steal money or personal information. The scale of financial deception has surged dramatically—Canadians lost an estimated $643 million to fraud in 2024, according to the Canadian Anti-Fraud Centre (CAFC). That figure marks nearly a threefold increase since 2020, with officials estimating that only five to ten percent of scams are ever reported.
Freepik | Scammers are using deceptive emails, fake bank links, and text message schemes against Canadians.
The government’s strategy will focus on prevention, investigation, and public awareness. A key measure includes amending the Bank Act, requiring financial institutions to implement stronger fraud prevention and response systems.
“Fighting financial crime in the 21st century is something very complex,” Champagne noted. “I want Canada to be best in class.”
A Closer Look at the Financial Crime Agency
The proposed agency will serve as the country’s central hub for tackling financial fraud, cybercrime, and digital scams. It will coordinate efforts between law enforcement, financial regulators, and technology experts to trace digital transactions and intercept fraudulent activities more efficiently.
While the agency’s cost has yet to be finalized, Champagne’s spokesperson John Fragos confirmed that specific funding will not appear in the upcoming budget. Champagne made the announcement alongside Public Safety Minister Gary Anandasangaree, Wayne Long, Secretary of State for the Canada Revenue Agency and financial institutions, and Stephanie McLean, Secretary of State for Seniors.
Political Reactions and Budget Tensions
The fiscal announcement arrives amid growing political friction over the direction of Canada’s economy. Conservative Leader Pierre Poilievre has been vocal in his criticism of the Liberal government, claiming Canada has “become a country of empty bank accounts, empty fridges, and empty stomachs.” He wrote to Prime Minister Mark Carney, urging him to rein in spending and commit to keeping the deficit below $42 billion.
But new numbers from the Parliamentary Budget Officer suggest otherwise. The deficit is now projected to reach $68.5 billion — up sharply from $51.7 billion last year. Responding to the criticism, Minister François-Philippe Champagne cited a recent IMF assessment that ranked Canada and Germany among the G7’s most stable and disciplined fiscal performers.
“Canada and Germany stand out with our fiscal capacity,” Champagne said. “We can make generational investments while maintaining fiscal discipline.”
Secretary of State Wayne Long echoed this view, saying the government aims to spend less on bureaucracy while investing more in housing, infrastructure, and other nation-building projects.
Opposition and Demands From Other Parties
Instagram | pattyhajdu | Jobs Minister Patty Hajdu dismissed “hidden food tax” accusations as completely “imaginary taxes.”
Other political parties have also laid out their budget expectations. The Bloc Québécois issued 18 demands, including:
1. Increased federal health transfers to provinces
2. Expanded infrastructure and housing initiatives
3. Interest-free loans for first-time homebuyers
4. Enhanced Old Age Security benefits for those aged 65 to 75
The Bloc is also pressing for a one-time $814-million payment to Quebecers, citing unreturned carbon tax rebates. Bloc finance critic Jean-Denis Garon stated that many of these proposals would be largely self-financing.
The New Democratic Party (NDP) could play a pivotal role in passing the upcoming budget. Interim NDP Leader Don Davies emphasized priorities such as job creation, health care funding, and affordable housing.
Broader Economic Context
The government faces competing pressures: protecting citizens from fraud while managing economic challenges. Poilievre has pushed for tax reductions—including income tax, capital gains, and carbon tax cuts—alongside removing bans on single-use plastic packaging. Meanwhile, Minister of Jobs and Families Patty Hajdu rejected claims that regulatory measures were “hidden food taxes,” calling them “imaginary taxes.”
As fiscal debates intensify, Prime Minister Carney’s first budget is expected to strike a balance between ambitious reforms and responsible spending choices.
The launch of a national financial crimes agency represents a significant step in Canada’s effort to curb digital scams and online fraud. With financial details still in progress, the government’s message is clear—protecting Canadians from cybercrime is now a central priority.
The agency’s creation signals a decisive move toward rebuilding public trust and reinforcing the nation’s digital security.