Canada is launching a new financial crimes agency and making changes to banking laws to clamp down on online fraud and other scams.
The government will amend the Bank Act to add new requirements for lenders to detect and prevent fraud. Among those changes, banks will have to obtain the “express consent” of customers before enabling certain money-transfer functions on bank accounts.
Bank customers will also be allowed to adjust transaction limits on their accounts by themselves, to protect their accounts from being drained by scam artists who get their information. The measures were announced Monday by Finance Minister
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