Fintechs Canada is calling on the federal government to develop a coordinated, technology-driven National Anti-Fraud Strategy that reflects how fraud and scams operate in today’s digital economy.
In its submission to the Department of Finance’s consultation on a national anti-fraud strategy, the association argues that fraud is becoming increasingly sophisticated, cross-sectoral, and difficult to detect as digital payments grow and artificial intelligence enables more convincing scams. It says Canada’s response must move beyond siloed approaches and adopt a framework built around real-time collaboration, secure information-sharing, and shared accountability across the ecosystem.
“Fraud today does not begin and end within a single institution or payment rail,” said Adriana Vega, executive director of Fintechs Canada. “An effective national strategy must mirror the reality of modern scams by enabling coordination across financial services, telecommunications, digital platforms, technology providers, and law enforcement.”
Fintechs Canada says fintech companies are already building many of the tools needed to strengthen Canada’s resilience against fraud, including real-time monitoring, AI-driven detection, advanced analytics, and enhanced identity verification. However, the association stresses that technology alone will not be sufficient without clearer rules and stronger coordination between sectors.
Fintechs Canada has recommended that the government:
- establish a multi-sector anti-fraud framework with clear roles and shared accountability across industries
- modernize privacy and information-sharing rules to enable faster fraud detection and coordinated responses
- prioritize real-time payee verification and pre-payment fraud prevention measures
- support the responsible use of AI and advanced analytics in fraud detection
- adopt principles-based, risk-proportionate compliance requirements that avoid duplication
- ensure fintechs and payment service providers are fully integrated into information-sharing networks and regulatory discussions
- clarify liability frameworks to reflect the shared responsibility involved in modern scams
- improve public awareness and access to real-time scam prevention tools and education
The association says Canada’s anti-fraud framework should focus on prevention and disruption before fraudulent payments occur, while maintaining strong privacy protections and minimizing unnecessary regulatory burden.
“Fintechs are actively contributing to fraud prevention across the ecosystem and stand ready to support the government in developing an effective and responsive framework,” the submission says.
To read the full submission, click here.
