The Liberal government’s announcement of a National Anti-Fraud Strategy and a new Financial Crimes Agency sounds like a much-needed response to a growing crisis. Canadians lost a staggering $643 million to financial scams in 2024, a figure that has tripled since 2020. Finance Minister François-Philippe Champagne’s promise to “take bold action” comes at a time when scammers seem to be outpacing both regulators and law enforcement.
But here’s the question: will this be a real solution, or just another shiny announcement that looks good in a press release?
For years, Canadians have been drowning in robocalls, phishing emails, fake investment offers, and online romance scams. The existing watchdogs from the Financial Transactions and Reports Analysis Centre (FINTRAC) to various police units have struggled to keep up. Champagne’s answer is to build a new agency “best in class in the world,” focused solely on investigating online financial crimes, organized crime, and money laundering.
On paper, that sounds promising. In practice, though, Canadians have seen this movie before: a new agency, more red tape, and years of setup before anything tangible happens. The minister said legislation to establish the agency will come by spring 2026 that’s still more than a year away. By then, thousands more Canadians will likely have been defrauded.
There’s also a risk of duplication. Critics are already asking why we need another agency when FINTRAC and the RCMP already handle financial crime. Champagne insists this one will have more “investigative power” and “specialized skills.” Fair enough but Canadians deserve a clear explanation of how this agency will actually work differently, and how it will coordinate with existing institutions rather than compete with them.
The government’s plan to introduce a voluntary code of conduct to tackle economic abuse such as partners restricting access to money or forcing debt is a progressive and overdue idea. Finance abuse is indeed a hidden form of gender-based violence, especially among seniors. With nearly a quarter of Canadians expected to be over 65 by 2057, the focus on protecting seniors from scams is both smart and compassionate.
Yet “voluntary” measures only go so far. Without clear enforcement, the code risks being just another well-intentioned guideline that bad actors can ignore.
It’s also worth noting that the Conservatives proposed similar legislation in their last platform. Pierre Poilievre’s “Stop Scamming Seniors Act” called for real-time fraud blocking and mandatory jail sentences for fraudsters. There’s bipartisan recognition that this is a serious issue but very different philosophies on how to tackle it. While Poilievre’s plan leaned toward strict enforcement and penalties, the Liberals’ approach seems more institutional and consultative.
Meanwhile, Ottawa is pouring money into public safety more broadly $1.8 billion to boost RCMP capacity and another $617 million for new border officers. It’s a clear signal that the government wants to be seen as tough on crime heading into the 2025 budget on November 4.
But intentions aren’t results. Canadians don’t need another “strategy” they need faster fraud detection, real-time prevention, and better cooperation between banks, telecom companies, and law enforcement. The average person who loses their life savings to an online scam doesn’t care which department is responsible; they just want their money back and justice done.
The government deserves credit for acknowledging the problem and promising action. But by the time the Financial Crimes Agency actually opens its doors, Canadians will judge it not by its mission statement but by whether their inboxes are safer, their phones quieter, and their bank accounts more secure.
If Ottawa wants this plan to succeed, it needs to focus less on creating another agency and more on delivering visible, measurable protection for Canadians who are tired of watching criminals win online.
