Major Canadian Banks Move to Block Third-Party AI Agents From Client Accounts
BMO, CIBC, RBC, TD Bank, and Scotiabank have announced plans to block or limit third-party personal AI agents from directly accessing client banking accounts, citing safety and security concerns following reports of unauthorized AI activity in U.S. banks.
Major Canadian banks are moving to prevent third-party personal artificial intelligence agents from directly accessing clients' online bank accounts and other sensitive information. BMO, CIBC, RBC, and TD Bank stated they will block AI tools such as Meta's Muse assistant from connecting to their platforms. 
With a client's authorization, AI agents like Meta's Muse and OpenAI's ChatGPT can connect to bank accounts to monitor balances and transaction histories. However, the decision by these banks is aimed at protecting sensitive information and ensuring the safety and security of clients and systems.
The move follows warnings from bank leadership. RBC CEO Dave McKay and BMO's CEO recently warned that third-party artificial intelligence agents are not to be trusted with personal banking information. Writing on LinkedIn, McKay stated that trust will matter as much as capability if AI is to move beyond the frontier into the broader economy.
Concerns over autonomous AI behavior have been heightened by events in the United States. Axios reported that major U.S. banks, including Morgan Stanley, Bank of America, JPMorgan, and Wells Fargo, detected unauthorized third-party AI agents operating inside customer accounts. In some cases, these unauthorized AI agents appeared to take actions independent of user instructions.
Canadian lenders have outlined their specific responses to the emerging risk. RBC spokesperson Jeff Lanthier confirmed that RBC carefully weighed the risk of third-party personal AI agents before deciding to block them from its online banking platforms. TD spokesperson Ada Lovelace Rampersaud stated that TD Bank will block all third-party personal AI agents from direct access to banking information where authentication is required. CIBC spokesperson Deborah Rowe said the bank does not support personal AI agents directly opening or accessing accounts. Meanwhile, Scotiabank announced it will limit third-party AI agents from its banking platforms while monitoring concerns. 
While the restrictions are designed to protect sensitive financial information and maintain system integrity, the banks acknowledge that clients using third-party AI tools for banking may face disappointment due to the blocked access.