Fraud is a systemic threat to consumer trust, financial stability, and economic resilience. That reality is reflected globally: fraud is now a “top global priority” for INTERPOL amid surging numbers of scams, according to the agency’s Secretary General Valdecy Urquiza. Against this backdrop, the Government of Canada’s focus on developing a National Anti‑Fraud Strategy marks a pivotal step forward. It signals a clear recognition that protecting Canadians from fraud and scams requires more than isolated controls or sector‑specific solutions. It requires collaboration, shared intelligence, and a coordinated, multi‑sector response.
At Nasdaq Verafin, we welcome the Government’s strategy as it represents an opportunity not only to strengthen consumer protection today, but to future‑proof Canada’s approach to fraud prevention in an environment where criminal networks are increasingly sophisticated, organized, and cross‑border.
Protecting Consumers Starts with System‑Level Thinking
Fraud often starts on digital platforms through social engineering, impersonation, or deceptive advertising, before flowing through telecommunications channels and ultimately into the financial system. Expecting any single sector to shoulder responsibility for this problem in isolation is neither fair nor effective.
What is encouraging about Canada’s proposed strategy is its whole‑of‑system perspective that recognizes the interconnected roles of financial institutions, telecommunications providers, and digital platforms. With this strategy, the government is acknowledging a fundamental truth: consumer protection improves when accountability is shared across the fraud chain.
This mirrors global best practices and aligns with lessons highlighted in the Nasdaq Verafin 2026 Global Financial Crime Report, which underscores that fraud is increasingly cross‑institutional, cross‑border, and technologically enabled.
For financial institutions, this approach aligns with long‑standing investments in fraud prevention, customer due diligence, and financial crime compliance. For consumers, it promises more consistent protection—earlier intervention, fewer losses, and reduced risk of re‑victimization. And for policymakers and regulators, it creates space to design frameworks that emphasize outcomes over prescriptive rules.
Why Collaboration and Data Sharing Are Essential
Modern fraud is networked. Criminals reuse mule accounts, rotate identities, and exploit gaps between institutions and sectors. No single organization can see the full picture alone.
This is why collaborative data sharing is not a “nice to have,” but a prerequisite for effective fraud prevention. Consortium‑based analytics, network‑level intelligence, and structured information sharing allow institutions to identify patterns and risks that would otherwise remain invisible. When data is anonymized, governed, and used solely for defined and authorized purposes, collaboration strengthens both effectiveness and privacy—two objectives often viewed as being in tension, but in reality, deeply complementary.
Canada has already taken meaningful steps in this direction through recent legislative changes that enable information sharing for financial crime purposes. The National Anti‑Fraud Strategy presents an opportunity to build on this foundation, extending clarity, confidence, and consistency around how organizations can work together to prevent, detect, and disrupt fraud and scams.
Enabling Innovation While Preserving Trust
One of the most important design considerations for the strategy will be ensuring that regulation acts as an enabler of innovation, not a barrier. Fraud tactics evolve rapidly, driven by automation, artificial intelligence, and global coordination. Regulatory frameworks must be equally adaptive.
Principles‑based approaches, focused on measurable outcomes rather than rigid mandates, give organizations the flexibility to deploy advanced technologies such as machine learning, real‑time analytics, and consortium insights. They also allow regulators to set clear expectations while avoiding fragmentation and duplication across jurisdictions.
Crucially, innovation must be grounded in trust. Consumers expect their personal information to be protected, used responsibly, and shared only with clear purpose and oversight. Purpose‑built platforms with strong governance, auditability, and security controls demonstrate that privacy protection and collaborative fraud prevention can coexist.
A Call for Shared Responsibility Across Sectors
Fraud is a cross-sector problem, and addressing it effectively requires a cross-sector response. Telecommunications providers and digital platforms play a decisive role in how fraud originates and spreads. Embedding proportionate responsibilities across all enabling sectors ensures that accountability is aligned with impact.
This shared‑responsibility model also creates stronger incentives for prevention upstream by reducing the volume of fraud that reaches the point of payment. For consumers, that means fewer scams succeed. For financial institutions, it means fewer harmful interventions and false positives. And for governments, it means a more resilient and trusted digital economy.
Moving Forward Together
Canada’s National Anti‑Fraud Strategy has the potential to position the country as a global leader in collaborative, technology‑enabled consumer protection. Realizing that potential will depend on continued dialogue between government, regulators, financial institutions, and technology partners who are focused on practical implementation, clear guidance, and shared learning.
At Nasdaq Verafin, we see this strategy as a powerful affirmation of what the industry has long known: fraud is best fought collectively. By harnessing shared intelligence, enabling innovation, and aligning accountability across sectors, Canada can meaningfully reduce fraud losses while preserving access, privacy, and trust.
Protecting consumers is an ongoing commitment. The National Anti‑Fraud Strategy is an important step on that journey, and one that underscores the value of collaboration at scale.
About the Author:
GREG WILLIAMSON
Head of Fraud Commercialization Strategy
Greg Williamson is Head of Fraud Commercialization Strategy at Nasdaq Verafin and a seasoned leader in financial crime prevention, with more than two decades of experience across fraud, identity and authentication. Specializing in fraud strategy and analytics, cyber fraud prevention and the development of enterprise-scale identity and authentication solutions, Greg has held senior leadership roles at PNC Bank, Prudential, JPMorgan Chase, and Mastercard. Prior to joining Nasdaq Verafin, Greg led fraud reduction initiatives at the Bank Policy Institute, collaborating with industry leaders to advance policies, operational practices, and best practices in combating financial crime. He holds both a bachelor’s degree in Economic Crime Investigation and a master’s degree in Economic Crime Management from Utica University, and has also contributed as an adjunct instructor in economic crime studies, bringing a strong academic foundation to his practical, industry-driven perspective.
