Financial scams and abuse are on the rise, and seniors are often the most vulnerable. In 2024 alone, Canadians lost $643 million to fraud, with only a fraction of scams actually reported.
Recognizing the threat, Minister of Finance François-Philippe Champagne recently announced a bold new approach: Canada’s first-ever National Anti-Fraud Strategy, along with the creation of a dedicated Financial Crimes Agency. This agency will tackle complex cases like money laundering, organized crime, and online scams.
The government is also introducing new rules for banks, giving Canadians more control over their accounts and requiring institutions to have policies in place to prevent fraud. On top of that, a voluntary Code of Conduct for the Prevention of Economic Abuse will help financial institutions spot and respond to cases where money or financial control is used to harm or exploit vulnerable people, including seniors.
For organizations like ours, these steps signal an important move toward protecting older adults from financial harm and economic abuse. While the work is just beginning, having clear strategies, stronger protections, and dedicated resources will help keep seniors safer and more independent.
Link to the full press release
