Department of Finance Canada launched consultations on a proposed National Anti-Fraud Strategy, a federal effort to coordinate fraud prevention, transaction safeguards, and victim support.
The department said Canadian Anti-Fraud Centre data showed more than $704 million in reported fraud losses in 2025. Reported losses since 2022 had surpassed $2.4 billion.
Those figures likely understate the problem. Finance Canada said only an estimated 5 to 10 per cent of scams are reported.
The consultation follows Budget 2025 and an October 2025 announcement. Finance Canada said the strategy is meant to address fraud across its lifecycle, from initial contact by fraudsters to fraudulent transactions and harm mitigation after victims are affected.
The release described fraud as increasingly sophisticated, including ghost texts, masked voice calls, suspicious links, and fake bank emails. That matters because consumer protection now has to cover both traditional payment fraud and digital impersonation.
Finance Canada also pointed to banking-sector measures in Bill C-15, which received Royal Assent. Those changes relate to consumer-protection expectations for banks when unauthorized or fraudulent activity affects account holders.
The policy question is how responsibility should be shared among consumers, banks, payment platforms, telecom providers, and public agencies when fraud occurs before, during, and after a transaction.