Canadian financial institutions are experiencing a significant rise in digital fraud, with suspected attempts increasing by 218% from late 2020 to early 2021, surpassing the global rate. This surge in fraud, which costs the top seven Canadian banks an estimated CA$9.93 billion annually, is compounded by increasingly sophisticated schemes such as account takeovers and synthetic identities. Banks have traditionally absorbed these losses to maintain customer trust, but this approach hampers innovation in fraud prevention and exacerbates the issue. To effectively combat this growing threat, Canadian banks must collaborate by sharing fraud indicators and device data across the industry. The use of homomorphic encryption is proposed as a means of securely sharing data without compromising customer privacy, allowing for more comprehensive fraud detection. As the COVID-19 pandemic accelerates digital banking, Canadian banks face mounting pressure to enhance their fraud prevention strategies to protect their bottom lines and deter fraudsters.