Canada to Start Financial-Crimes Agency to Fight Surge in Online Scams
The moves are a response to what the government says is an explosion in consumer losses due to fraud.
Photographer: Cole Burston/AFP/Getty ImagesCanada is launching a new financial crimes agency and making changes to banking laws to clamp down on online fraud and other scams.
The government will amend the Bank Act to add new requirements for lenders to detect and prevent fraud. Among those changes, banks will have to obtain the “express consent” of customers before enabling certain money-transfer functions on bank accounts.