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ARTICLE · 02 JULY 2026

Proposed Regulations Addressing Consumer-Targeted Fraud In Banking Released For Comment

Blake, Cassels & Graydon LLP
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On June 27, 2026, Canada’s Department of Finance published proposed regulations amending the Financial Consumer Protection Framework Regulations under the Bank Act, aimed at combatting consumer-targeted fraud...

CanadaFinance and Banking
Mena Bellofiore
Mena Bellofiore
Tracy Molino
Tracy Molino
Felicia Yifan Jin
Felicia Yifan Jin
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On June 27, 2026, Canada’s Department of Finance published proposed regulations amending the Financial Consumer Protection Framework Regulations under the Bank Act, aimed at combatting consumer-targeted fraud (Fraud Regulations). These developments build on legislative and policy measures discussed in our prior bulletin, Budget Implementation Act: Financial Services Highlights, and align with the government’s broader objective to develop a National Anti-Fraud Strategy.

The Fraud Regulations, which are scheduled to come into force on July 1, 2027, are now open for a 30-day comment period which closes on July 27, 2026.

Statutory Framework and Implementing Regulations

As discussed in our earlier bulletin, the Budget Implementation Act, 2025, No. 1 (Bill C-15), which received Royal Assent on March 26, 2026, introduces a new framework in the Bank Act to address “consumer-targeted fraud,” defined to include both unauthorized transactions and transactions authorized as a result of

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