Canadian Banks and Telecoms Launch CSAFE Platform to Share Fraud Intelligence
Canada’s major banks and telecommunications companies have launched the Cross-Sector Anti-Fraud Exchange (CSAFE), a platform operated by EnStream LP designed to share intelligence on confirmed fraudsters. The initiative follows a pilot between CIBC and Rogers and comes as Canadians reported approximately $351 million in fraud losses in the first half of 2026.
Canada’s major banks and telecommunications providers have launched the Cross-Sector Anti-Fraud Exchange (CSAFE), a new platform designed to share internal intelligence about confirmed fraudsters across organizations. The initiative aims to eliminate or minimize repeat fraud by closing gaps that criminals rely on, particularly as fraudsters increasingly use artificial intelligence and machine learning.
CSAFE is operated by EnStream LP, an identity-verification company owned by Canada’s three largest wireless carriers. Upinder Saini serves as president and chief executive officer of EnStream.
The founding members include five of Canada’s Big Six banks: Canadian Imperial Bank of Commerce (CIBC), Royal Bank of Canada, Bank of Montreal, Bank of Nova Scotia, and National Bank of Canada. Desjardins is also a founding member. Toronto-Dominion Bank is not included among the founders. On the telecommunications side, the Big Three providers—Rogers Communications Inc., BCE Inc.’s Bell Canada, and Telus Corp.—are participating. The initiative began with a pilot project between CIBC and Rogers.
The platform complies with Canadian privacy laws because it shares only confirmed fraudster intelligence rather than victim data. By sharing this information, CSAFE seeks to strengthen fraud detection capabilities and help stem the flow of hundreds of millions of dollars out of the Canadian economy.
The launch coincides with significant reported financial losses. Canadians reported approximately $351 million in fraud-related losses to the Canadian Anti-Fraud Centre (CAFC) in the first six months of 2026. About $140 million of those reported losses were attributed to investment fraud involving social media, online advertisements, or messaging applications. The CAFC estimates that only 5 per cent to 10 per cent of frauds are actually reported.
Anthony Ostler, president and CEO of the Canadian Bankers Association, spearheaded the separate Canadian Anti-Scam Coalition. That coalition includes banks, telecoms, government, law enforcement, and technology companies such as Google and Meta.