Banks and telecoms launch CSAFE fraud-sharing platform

Six Canadian banks and the three largest wireless carriers launched a shared platform on Oct. 14 that lets them swap confirmed fraud intelligence, a move aimed at making it harder for scammers to slip between financial institutions and phone companies.

The Cross-Sector Anti-Fraud Exchange, or CSAFE, runs on the systems of EnStream, a joint venture of Bell, Rogers and Telus, according to MobileSyrup. The founding participants are Bell, Rogers and Telus, along with BMO, CIBC, Desjardins, National Bank, RBC and Scotiabank, iPhone in Canada reported.

The platform collects confirmed fraud cases from members, then standardizes and enriches the data so each institution can use it in its own defences, MobileSyrup reported. The group said CSAFE operates within a defined governance framework, and each participant decides independently how to act on what it receives.

iPhone in Canada reported that members can use the shared information when someone opens an account, verifies their identity or makes a transaction. EnStream built the system after a pilot involving CIBC and Rogers, the outlet said.

Until now, banks and carriers have mostly handled fraud information separately, according to iPhone in Canada. A fraudster flagged by one bank, for example, could try a different bank or mobile provider without the first institution’s findings following them. CSAFE is meant to close that gap.

Both outlets said the group plans to invite other banks, technology companies and businesses to join over time, with the goal of covering the sectors scammers target. iPhone in Canada reported that EnStream intends to add artificial intelligence and machine learning as membership grows. No expansion dates have been announced.

The scale of the problem helps explain the timing. The Canadian Anti-Fraud Centre received reports of at least $704 million in fraud losses in 2025, according to Investment Executive. The Competition Bureau has said fewer than one in 10 frauds are reported, which suggests the true figure is higher.

Several details remain unclear. The coverage reviewed did not include direct quotes from the banks or carriers, did not say how much fraud the platform is expected to stop, and did not describe what safeguards govern the personal information that moves between members. Canadians who want to know how their data is handled will likely look to the institutions’ privacy disclosures and to any guidance from the Office of the Privacy Commissioner of Canada.

For consumers, the practical effect is likely to be indirect. Account-opening checks, identity verification and transaction monitoring may get stricter or faster at participating institutions, but the companies have not said what customers will notice.

This is a developing story, based on reporting from two outlets rather than a release read in full. Canada News Media will update it when EnStream or the founding members publish further details.

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Sources: MobileSyrup (Oct. 14, 2026); iPhone in Canada (Oct. 14, 2026); Investment Executive.