Canada’s largest banks are restricting third-party artificial intelligence agents from accessing online banking platforms and executing account transactions, citing concerns over customer data security, fraud and the integrity of financial services.
Royal Bank of Canada (RBC), Bank of Montreal (BMO), Toronto-Dominion Bank (TD) and Canadian Imperial Bank of Commerce (CIBC) have blocked or prohibited direct access by personal AI agents to their digital banking systems, according to statements from the lenders.
The restrictions come as AI agents, which can independently perform tasks such as navigating websites, retrieving information and executing transactions on behalf of users, gain traction among consumers and technology companies.
RBC spokesperson Jeff Lanthier said the bank had decided to block third-party personal AI agents from accessing its authenticated digital platforms, including online banking.
RBC Chief Executive Dave McKay said the bank recognised the potential of AI to save customers time but prioritised protecting their financial information.
BMO spokesperson John Fenton said the lender did not permit AI agents to access its digital platforms or execute transactions, citing customer protection.
TD Bank has adopted a similar policy, while CIBC said it did not support personal AI agents directly opening or accessing customer accounts.
Other lenders are taking a more cautious approach. National Bank of Canada said it was closely monitoring developments in consumer AI agents, while Bank of Nova Scotia, also known as Scotiabank, said it would restrict third-party AI agents from its banking platforms as it assessed the associated risks.
The restrictions highlight growing concerns among financial institutions about the ability of autonomous AI tools to interact with sensitive customer information and authenticated banking systems.
Unlike conventional chatbots, AI agents can perform multi-step tasks with limited human intervention, potentially allowing them to access account information, initiate payments or carry out other financial activities when granted the necessary permissions.
Banks face risks including unauthorised transactions, exposure of personal financial data, credential theft and difficulties establishing accountability when automated systems make errors.
The decisions also highlight a growing tension between banks’ efforts to adopt AI technology and their responsibility to maintain strict controls over financial transactions and customer information.
Financial institutions are increasingly exploring AI for customer service, fraud detection and operational efficiency, but third-party agents operating directly within customer accounts present additional security and regulatory challenges.
The restrictions come amid broader regulatory concerns about the resilience of banking infrastructure as financial institutions become more reliant on interconnected technology systems and automated services.
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