BMO, CIBC, RBC, TD Bank block personal AI agents, citing safety and security
The move follows public warnings from the CEOs of RBC and BMO
Some of Canada's biggest banks say they will block AI agents like Meta's popular Muse assistant from directly accessing their clients' online bank accounts and other information.
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they → block → accounts
Royal Bank, TD Bank, CIBC and Bank of Montreal each say the decision is aimed at protecting sensitive information.
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decision → say → information
Canada's big banks have invested billions in artificial intelligence in recent years, deploying the technology to save time on internal tasks like processing mortgage applications.
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banks → invest → applications
However, the CEOs of RBC and BMO have recently warned that third-party artificial intelligence agents are not to be trusted with personal banking information.
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agents → warn → information
With a client's authorization, AI agents like Meta's Muse and OpenAI's ChatGPT can connect to bank accounts and credit cards to monitor balances and transaction histories, as well as share tips on spending habits.
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agents → connect → habits
Making purchases typically requires human approval.
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Making → make → approval
Last week, Axios reported that major U.S. banks — including Morgan Stanley, Bank of America, JPMorgan and Wells Fargo — have detected unauthorized third-party AI agents operating inside customer accounts, and in some cases taking actions that appear to be independent of user instructions.
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that → report → instructions
CBC News asked Canada's top banks on Monday if they are seeing similar activity.
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they → ask → activity
Those that responded initially deferred to the Canadian Bankers Association, which does not comment on the operations of its individual members as a matter of practice.
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which → respond → practice
In an email to CBC News on Wednesday, RBC spokesperson Jeff Lanthier said Canada's largest bank by assets carefully weighed the risk of third-party personal AI agents in its decision to block these applications from its online banking platforms.
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bank → say → platforms
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"We understand that this may be disappointing for the small portion of our clients who use these tools, and we make this decision with the safety and security of our clients and systems at the forefront," he wrote.
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he → embrace → forefront
TD spokesperson Ada Lovelace Rampersaud says her bank will also block all third-party personal AI agents from direct access to banking information where authentication is required.
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authentication → say → information
"Our focus is on helping build a future where trusted AI agents can create meaningful value for clients while protecting their privacy, security and control over their financial information," she wrote in an email on Wednesday.
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she → help → Wednesday
"Clients should never share their TD log-in credentials, passwords, PINs or one-time passcodes with an AI agent or anyone else."
Likewise, CIBC spokesperson Deborah Rowe says her bank does not "support personal AI agents directly opening or accessing accounts.
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agents → share → accounts
"
"We are following developments in personal AI agents closely as these technologies evolve," she wrote in an email.
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she → follow → email
"Protecting clients, their accounts and their personal information is our priority, while we support innovation through secure, appropriately designed channels."
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we → protect → channels
Scotiabank said it will limit third-party AI agents from its banking platforms while it monitors concerns.
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it → say → concerns
RBC CEO says AI agents must earn trust
On Wednesday, RBC CEO Dave McKay reflected on how AI could reshape the banking industry in a LinkedIn post.
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AI → say → post
"As these systems become more autonomous, the stakes go up when something goes wrong — from fraud and consumer harm to risks that could ripple more broadly through the financial system," he wrote.
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he → become → system
"If AI is going to move beyond the frontier and into the broader economy, trust will matter as much as capability."
With a file from The Canadian Press
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trust → go → Press
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