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

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