Liberals Announce Anti-Fraud Measures in Federal Budget Plans

The federal government in Canada announced plans to introduce new anti-fraud measures as part of its upcoming budget. The Liberal Party of Canada proposed legislative amendments aimed at enhancing security protocols within financial institutions. These changes will require banks to obtain explicit consent from account holders before enabling any payment and transfer capabilities that fraudsters commonly exploit.

Under these proposed measures, account holders will have the ability to disable features they do not wish to use and adjust their transaction limits to better protect themselves from potential fraud. This initiative aims to empower individuals to manage their finances with greater security in mind.

Collaboration with Financial Institutions

In addition to the immediate changes regarding bank policies, the government plans to collaborate with banks and other organizations to develop a voluntary Economic Abuse Code of Conduct. This code will establish clear guidelines to address situations where one individual abuses their control over another person’s access to funds or credit.

The Liberal government also announced intentions to introduce legislation by spring 2026 to create a Financial Crimes Agency. This agency will focus on investigating issues such as money laundering, online fraud, and scams, as well as recovering illicit proceeds. The establishment of such an agency was a key promise made during the 2021 federal election campaign.

Commitment to Combat Financial Crime

The proposed measures reflect the government’s commitment to combat financial crime and enhance the protection of Canadian consumers. The announcement, made on October 20, 2025, highlights the Liberal’s ongoing efforts to address the evolving landscape of fraud and economic abuse, ensuring that individuals have the tools necessary to safeguard their financial well-being.

According to Jim Bronskill of the Canadian Press, these initiatives mark a significant step in the government’s strategy to create a safer financial environment for all Canadians. By implementing these proposed changes, the government aims to foster greater trust in financial institutions and protect vulnerable individuals from fraud and manipulation.

As these plans progress, many stakeholders will be watching closely to see how effectively they are implemented and their impact on consumer protection in Canada.