Ottawa – October 20, 2025
The Canadian Association of Retired Persons (CARP) was pleased to be on hand for the announcement of a national strategy to combat fraud and scams.
CARP congratulates the Honourable François-Philippe Champagne, Minister of Finance, on yesterday’s announcement of a whole-of-government plan to combat fraud and scams — a major step forward for Canadian consumers and particularly for older adults who are disproportionately targeted by financial criminals.
CARP also recognizes the leadership of MP’s; Ruby Sahota, Secretary of State for Combatting Crime, Wayne Long, Secretary of State (Canada Revenue Agency and Financial Institutions), and Stephanie McLean, Secretary of State (Seniors) — all of whom have worked with CARP in recent months to understand the escalating crisis and to develop meaningful responses.
A Promising National Framework
CARP is encouraged by the government’s plan to:
- Establish a Financial Crimes Agency to investigate and coordinate responses to online scams, money-laundering, and economic abuse;
- Amend the Bank Act to require banks to implement stronger fraud-detection measures, obtain explicit consent for risky account features, and report fraud statistics to the Financial Consumer Agency of Canada; and
- Develop a Code of Conduct on Economic Abuse, recognizing the financial vulnerability of seniors and other at-risk Canadians.
These are key pillars of what CARP has been calling for — a national, coordinated strategy that holds institutions accountable, protects consumers in real time, and brings transparency to how financial crimes are tracked and prevented.
What Still Needs to Be Done
While CARP applauds this strong start, we urge the government to complement these policies and regulatory measures with sharper teeth in the Criminal Code. Enforcement agencies can only act effectively when they have clear, modernized laws to apply — laws that give prosecutors the authority to bring meaningful charges and courts the ability to impose stiff penal sentences that deter would-be offenders.
Seniors targeted through phone, email, and online fraud are not just victims of financial theft — they are victims of criminal exploitation. To truly protect them, Canada needs:
- Updated Criminal Code provisions specific to financial exploitation of older adults;
- Enhanced sentencing guidelines to reflect the aggravated nature of crimes targeting seniors; and
- Broader investigative powers for law enforcement to pursue cross-jurisdictional and digital crimes that often go unpunished.
CARP’s Role
CARP made fraud and scams a core issue during the recent federal election campaign, pressing all parties to act. While the Conservative platform included detailed commitments in response, we’re encouraged that the Liberal government has now stepped up with its own comprehensive response — one that reflects many of the concerns CARP raised.
CARP will continue to work with the Minister of Finance, Secretary Sahota, Secretary Long, and Secretary McLean to ensure the new Agency and supporting legislation deliver real, enforceable protections for Canadians.
Moving Forward
This announcement marks a meaningful step toward a safer financial environment for all Canadians — especially seniors. CARP congratulates the government for making this issue a national priority and stands ready to collaborate further to ensure the coming reforms include the Criminal Code modernization required to prosecute offenders and deter the exploitation of older Canadians once and for all.
Join CARP in the Fight Against Fraud
Fraud and scams are not just personal losses — they are an attack on the financial security and dignity of older Canadians. CARP has been at the forefront of demanding government action, stronger laws, and real enforcement to stop criminals from preying on seniors.
By joining CARP, you add your voice to a national movement that gets results — one that governments, regulators, and industry leaders listen to. Together, we can ensure that new policies are backed by tough laws, real prosecutions, and lasting protection for every Canadian.
Join CARP today at www.carp.ca/join — and help us fight back against the scams and frauds threatening our seniors and our families.
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