Canada’s largest banks and telecommunications companies have launched a new coalition aimed at sharing intelligence to identify and prevent repeat fraud, as scammers increasingly turn to artificial intelligence and machine learning to target victims.
The Cross-Sector Anti-Fraud Exchange (CSAFE) counts the Big Six banks, with the exception of Toronto-Dominion Bank, among its founding members, alongside the Big Three telecom companies and Desjardins. The platform was developed by Toronto-based EnStream LP, a joint venture of Canada’s leading telecom companies that specializes in online security services.
EnStream said it had already run a pilot program involving Canadian Imperial Bank of Commerce and Rogers Communications Inc., which it said produced positive results ahead of the wider launch.
Sharing Intelligence Across Sectors
Anthony Ostler, chief executive of the Canadian Bankers Association, said fraud is a rapidly evolving problem that spans multiple sectors and requires a coordinated response. He said that when financial institutions, telecom providers, government and law enforcement act on the same confirmed intelligence rather than working separately, they close the gaps that criminals currently exploit.
Under CSAFE, participating companies will share intelligence on fraudulent activity, drawing on data from a broader range of sources, identifying fraud patterns that repeat at critical points, and acting on shared information more quickly than before.
Upinder Saini, chief executive of EnStream, said the companies participating in CSAFE will supply confirmed fraud intelligence, while EnStream’s role is to provide a secure, shared platform for acting on that information. He added that the platform’s capabilities will continue to be strengthened with artificial intelligence and machine learning as more organizations join, making the collective response more effective over time.
Scale of the Problem
The launch comes as fraud-related losses continue to mount in Canada. According to the Canadian Anti-Fraud Centre, a government body that tracks fraud and identity theft, Canadians reported approximately $351 million in fraud-related losses in the first six months of 2026. The centre estimates that only five per cent to ten per cent of fraud incidents are actually reported, suggesting the true scale of losses is considerably higher.
Of the reported losses, about $140 million stemmed from investment fraud, in which scammers use social media, online advertisements or messaging applications to promote fake investment opportunities. The Canadian Anti-Fraud Centre said victims of such schemes may initially see fabricated account balances or returns designed to encourage them to deposit more money.
Reported Fraud Losses in Canada, First Half of 2026
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