Canada’s major banks and telecoms have launched a new platform to combat fraud. The Cross-Sector Anti-Fraud Exchange (CSAFE) allows these institutions to share intelligence about fraudsters targeting consumers and organizations. Operated by EnStream LP, a company owned by Canada’s top wireless carriers, CSAFE aims to minimize repeat fraud across multiple companies.
The initiative began as a pilot project between Canadian Imperial Bank of Commerce (CIBC) and Rogers Communications Inc. It has since expanded to include other major banks like Royal Bank of Canada, Bank of Montreal, Bank of Nova Scotia, and National Bank of Canada, as well as Desjardins. Telecom giants BCE Inc.’s Bell Canada and Telus Corp. are also participating.
Upinder Saini, CEO of EnStream, explained that the platform helps companies check if a customer or transaction is linked to known fraudsters. CSAFE complies with Canadian privacy laws by only sharing confirmed fraudster intelligence, not victim data. Saini hopes the platform will eventually expand to include digital platforms and other sectors.
Fraud remains a significant issue in Canada, with victims reporting $351 million in losses in the first half of this year alone. The Canadian Anti-Fraud Centre estimates that only 5% to 10% of frauds are reported, highlighting the need for cross-sector collaboration. The federal government recently completed consultations on a national anti-fraud strategy, emphasizing the importance of a coordinated approach involving telecoms, digital platforms, and financial institutions.