Can Newcomers bank on Canada’s new anti-fraud tool?

On October 14, 2026, nine founding members launched the Cross-Sector Anti-Fraud Exchange (CSAFE). Our parter, Scotiabank, was one of them, joined by phone providers Telus, Bell, and Rogers, as well as other financial institutions. The platform is built and run by EnStream, a joint venture of Bell, Rogers and TELUS. 

Key takeaway: CSAFE is an extra layer of protection, not a replacement for your own caution. 

What does CSAFE change?  

Until now, a fraudster caught by one bank could move on to a phone company or another bank undetected. CSAFE is designed to close that gap. Each member contributes intelligence on fraud it has already confirmed, and each can check that shared picture when someone opens an account, logs in or makes a transaction. 

For newcomers, that matters. People who are new to Canada open many accounts in a short time, a bank account, a phone plan, a credit card, and they often don’t yet know what a normal call from a Canadian bank sounds like. Scammers know this. 

How does it actually help? 

CSAFE targets repeat fraud through information sharing. The members say it will help them spot that activity at three moments: account opening, identity checks, and transactions.  

In practice, that points to a few scams newcomers face: 

• Identity theft. If a fraudster already caught by one bank tries to open a phone plan or credit card in your name with another member, that company may now see the warning. 

• Account takeover. Criminals who hijack phone numbers or online banking logins often reuse the same devices, numbers, and details. Shared intelligence makes those patterns easier to flag. 

• Money mule accounts. Many impersonation scams, such as fake CRA or IRCC calls demanding payment, rely on accounts that collect victims’ money. Once one institution confirms an account like that, others can act on it. 

EnStream says the platform will add AI and machine learning over time, and that more banks, tech firms, and other organizations can join. 

Why you still need to stay alert 

CSAFE works on fraud that has already been confirmed. So, ‘new’ scammers, websites, and phone numbers are not likely to be in the system until someone has been hit and reported it. In other words, it may slow scammers down but this doesn’t mean that these criminals can no longer run scams or fraud.  

It also can’t stop you from sending money yourself. If a caller pretending to be from the CRA, IRCC, police or your bank convinces you to pay by e-Transfer, gift cards or crypto, the transaction may look legitimate. These scams can be particularly hard for newcomers to spot, with some examples from the past being fake job offers, rental deposits for apartments that don’t exist, immigration “consultants” promising faster permits, and threats about deportation or unpaid taxes. 

It’s also worth noting that scams that run through social media, messaging apps, smaller lenders or overseas money transfer services may fall outside it for now. The members themselves describe CSAFE as an extra layer of protection, not a replacement for your own caution. 

How to learn the warning signs of a scam in Canada

The best defence is knowing what scams look like before one reaches you. We covered impersonation scams in a past post and outlined some tips there that are well worth a read.  

Your bank is a useful place to start. Most Canadian banks publish fraud guides and have dedicated anti-fraud contacts. Through its StartRight program for newcomers, Scotiabank offers advisors and support in more than 55 languages, which can help if you’re still getting used to how banking works here.