New anti-fraud measures coming with federal budget, finance minister says – National

The federal Liberals plan to direct banks to have new policies and procedures in place to detect and prevent fraud, finance minister Francois-Phillipe Champagne said Monday.

The proposed legislative amendments would require that banks obtain the express consent of account holders before enabling transfers and payment capabilities that fraudsters use to steal money.

The changes — part of a pre-budget announcement today — would allow account holders to disable features they do not want and adjust transaction limits to protect themselves.

The government also says it will work with banks and others to develop a voluntary Economic Abuse Code of Conduct that would set clear guidelines for situations where one person abusively controls another’s access to money or credit.

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The Liberals say they also will introduce legislation by next spring to create a Financial Crimes Agency to investigate money laundering, online fraud and scams, and to recover illicit proceeds.

The Liberals promised such an agency in their 2021 election campaign platform.

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The Canadian Anti-Fraud Centre has documented more than 30 types of fraud targeting Canadian consumers and businesses.

The centre’s most recent annual statistical report says individuals under age 50 were more likely to be victimized by fraud, but those over age 50 lost more money on average per fraud.

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The report for 2024 adds that the total amount lost by people 60 and older made up about 40 per cent of the overall dollar loss reported to the centre.

In the spring federal election campaign, the Conservatives proposed ensuring Canadian banks and cellphone companies do a better job of detecting scams, alerting potential victims and blocking suspected fraud in real time.

The Conservatives also promised to increase fines and prison sentences for criminals who defraud vulnerable Canadians, should they form government.

Champagne is slated to present the federal budget Nov. 4.