Today, the federal Liberals are unveiling new measures aimed at combatting fraud and enhancing the financial security of Canadians. This announcement is part of a series of initiatives leading up to the upcoming budget.
During a news conference, Finance Minister François-Philippe Champagne will be joined by Public Safety Minister Gary Anandasangaree and Stephanie McLean, the secretary of state for seniors.
According to the Canadian Anti-Fraud Centre, over 30 different types of fraud have been identified targeting both consumers and businesses in Canada. Their latest annual report highlights that while individuals under 50 are more susceptible to fraud, those over 50 tend to lose more money per incident on average.
In a concerning trend, individuals aged 60 and older accounted for around 40% of the total financial losses reported to the centre in 2024.
During the recent federal election campaign, the Conservatives proposed initiatives to improve fraud detection by Canadian banks and cellphone companies, as well as enhance real-time alerts and prevention measures for potential victims.
The Conservatives also pledged to impose stricter penalties, including increased fines and longer prison sentences for those who exploit vulnerable Canadians through fraudulent activities, if they were to come into power.
Minister Champagne is scheduled to unveil the federal budget on November 4.
