Payments Canada has submitted its response to the Department of Finance consultation on a National Anti-Fraud Strategy, backing a coordinated framework that spans the financial sector, telecommunications providers and digital platforms. The submission says faster, more data-rich payment systems will require stronger real-time fraud controls, and argues that access to payment systems should be subject to standardized fraud prevention, detection, monitoring and response capabilities. It also says anti-fraud requirements should be applied proportionately and consistently as the payments ecosystem expands to include payment service providers and other non-federally regulated participants. The recommendations are tied to the rollout of the Real-Time Rail and the adoption of ISO 20022, which Payments Canada says can improve fraud detection and analytics but also increase exposure to real-time authorized payment fraud. It calls for the proposed multi-sector framework to include all relevant sectors, including Retail Payment Activities Act regulated payment service providers, and for enhanced information sharing across sectors and with regulators under a clear data governance framework that respects privacy and legal protections. The response also supports a coordinated oversight model combining a central function with sector-specific regulators, alignment between federal and provincial regulators and international partners, stronger consumer education, clear reporting and dispute resolution channels, and law enforcement access to ecosystem insights subject to appropriate safeguards.
Payments Canada2026-05-21
Payments Canada calls for standardized anti-fraud controls and coordinated oversight in National Anti-Fraud Strategy submission
Payments Canada, in its response to the Department of Finance consultation on a National Anti-Fraud Strategy, supports a coordinated framework across financial institutions, telecom providers and digital platforms, and calls for proportionate, consistent anti-fraud requirements for all payment participants, including non-federally regulated entities. It links its recommendations to the rollout of the Real-Time Rail and ISO 20022, highlighting the need for standardized real-time fraud controls, enhanced cross-sector information sharing under clear data governance, and a coordinated oversight model with aligned regulators and safeguarded law enforcement access to ecosystem insights.