Liberals Propose New Anti-Fraud Measures in Federal Budget

The federal government of Canada announced plans to implement new anti-fraud measures aimed at enhancing the security of bank transactions. The proposed legislative amendments will require financial institutions to obtain the express consent of account holders before enabling features that could be exploited by fraudsters. This initiative was detailed in a pre-budget announcement on October 20, 2025, by the Federal Liberals in Ottawa.

Under the new measures, banks will be mandated to develop policies and procedures specifically designed to detect and prevent fraudulent activities. Account holders will have the authority to disable certain features they do not wish to use, as well as adjust transaction limits to safeguard their finances. These changes are expected to empower consumers and provide them with greater control over their banking activities.

In addition to the immediate anti-fraud measures, the government announced its intention to collaborate with financial institutions to establish a voluntary Economic Abuse Code of Conduct. This initiative aims to create clear guidelines for cases where one individual may exploit their control over another’s access to money or credit. The government believes this code will help protect vulnerable individuals from financial abuse.

Looking ahead, the Liberals also plan to introduce legislation by next spring to establish a Financial Crimes Agency. This agency will be tasked with investigating serious financial crimes, including money laundering, online fraud, and scams. Furthermore, it will focus on the recovery of illicit proceeds linked to these activities. The formation of such an agency was a key promise made during the 2021 election campaign.

The proposed measures signify a proactive approach by the government to address growing concerns over financial fraud and abuse. As the digital landscape continues to evolve, the need for robust protections for consumers has never been more critical. The government’s commitment to enhancing banking security reflects its understanding of the challenges faced by account holders in today’s financial environment.

This report was originally published by the Canadian Press, and was written by journalist Jim Bronskill.