Canada Pre-Publishes Regulations to Combat Fraud and Launch Consumer-Driven Banking
The Government of Canada has pre-published proposed regulations in the Canada Gazette, Part I, aimed at combating consumer-targeted fraud and implementing the Consumer-Driven Banking Framework. The measures include stricter consent requirements for electronic funds transfers and a shift from screen scraping to secure API-based data sharing.
On June 26, 2026, the Government of Canada pre-published proposed regulatory measures in the Canada Gazette, Part I, designed to combat consumer-targeted fraud and facilitate the next phase of consumer-driven banking. These proposals mark a significant step in strengthening Canada’s financial sector and enhancing protections for consumers.
The anti-fraud regulations are subject to a 30-day comment period and are intended to operationalize amendments to the Bank Act enacted through Bill C-15. Under the proposed rules, banks must obtain consumers' express consent prior to enabling electronic funds transfer capabilities, such as wire transfers. Additionally, consumers will be allowed to disable specific capabilities, giving them greater control over their financial data and transaction limits. Banks are also required to collect and report information for each case of fraud to the Financial Consumer Agency of Canada (FCAC).
These measures come amid rising concerns about financial crime. In 2025, data from the Canadian Anti-Fraud Centre indicated that Canadians lost over $704 million to fraud. Reported fraud losses since 2022 have surpassed $2.4 billion, although it is estimated that only 5 to 10 per cent of scams are reported. To address these issues comprehensively, consultations on Canada's first-ever National Anti-Fraud Strategy were formally launched on March 30, 2026.
Concurrently, the government pre-published the Consumer-Driven Banking Regulations for a 60-day comment period. These regulations support the coming into force of the Consumer-Driven Banking Act, which aims to replace insecure screen scraping with secure API-based data sharing overseen by the Bank of Canada. Currently, approximately nine million Canadians share financial data through screen scraping, a method that exposes users to security and privacy risks.
The new framework seeks to allow Canadians to securely share financial data with approved service providers, thereby increasing competition and enhancing transparency. The Bank of Canada would oversee compliance with the Consumer-Driven Banking Act and maintain a public registry of participating entities. This approach is expected to provide consumers with safer and more efficient ways to manage their finances while fostering innovation within the banking sector.