Fraud is one of the fastest-growing risks Canadians face, and today’s scams are increasingly sophisticated. FAIR Canada supports the federal government’s efforts to develop a National Anti-Fraud Strategy. To make a real difference, however, the strategy will need to be genuinely national in scope, not just federal.
A federal-only approach will leave major gaps. Provincial regulators and provincially regulated sectors, including crypto trading platforms, must be part of the framework, not outside it. Otherwise, some of the most active sources of harm to Canadians will remain outside the system the strategy is meant to fix.
Strong prevention also requires clear accountability. Where firms are best positioned to prevent or interrupt fraud, they should bear real responsibility, including reimbursement obligations when failures occur, as recently introduced in the United Kingdom. Investors should not be left to absorb losses caused by system weaknesses beyond their control.
Equally important is fair, timely complaint handling. We continue to call for short, harmonized response timelines, clear dispute-resolution procedures, and a single external complaints body with binding decision-making authority. Without these measures, harmed Canadians are trapped in fragmented processes that compound the original harm.
Finally, Canada must close two long-standing gaps: fragmented fraud data and weak deterrence. Mandatory, standardized reporting to a centralized national repository would help detect scams earlier. Stronger enforcement, including specialized investigative and prosecutorial capacity, would send a clear signal that defrauding Canadians carries serious consequences.
Fraud thrives in gaps. To make a real difference, the national strategy must be comprehensive, enforceable, and centred on the people it is meant to protect.
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