Major Canadian Banks Block Third-Party AI Agents
Canada's largest banks are blocking third-party AI agents from accessing authenticated accounts to prevent fraud and systemic financial risks.
Several of Canada's largest financial institutions have blocked or restricted third-party personal AI agents, including Meta's Muse and OpenAI's ChatGPT, from accessing authenticated digital properties and executing transactions. Royal Bank of Canada, TD Bank, and Bank of Montreal have explicitly banned these agents to protect client information and prevent unauthorized access. CIBC stated it does not support agents opening or accessing accounts, while Scotiabank is limiting agent access.
The banks cited safety, security, and liability risks, noting that autonomous agents could act independently of user instructions. These decisions follow reports of unauthorized AI agents operating within customer accounts at several large U.S. banks. Royal Bank of Canada CEO Dave McKay warned that as these systems become more autonomous, the stakes increase regarding fraud and risks that could ripple through the financial system.
Beyond the banking sector, Amazon requested that Meta remove Muse's ability to access its e-commerce platform on behalf of customers. The Government of Canada is monitoring the situation and has advised citizens to be extremely cautious about sharing banking passwords with any AI service, individual, or company.
