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Canada's big banks block AI agents over security concerns
Canada's biggest banks, including RBC and TD, are blocking AI agents from online bank accounts over security concerns.
Key points
- RBC, TD, CIBC and Scotiabank say they will block or limit third-party AI agents on online banking platforms.
- Major U.S. banks, including Morgan Stanley and Wells Fargo, reportedly detected unauthorized AI agent activity on customer accounts.
- RBC CEO Dave McKay said autonomous systems increase risks for fraud, consumer harm and the broader economy.
Why it matters. The move may limit how Canadians can hand banking tasks to AI agents, as RBC's CEO warns autonomous systems raise fraud and consumer-harm risks.
RBC, TD, CIBC and Scotiabank told CBC News they will block or limit third-party agents from online banking platforms. Major U.S. banks, including Morgan Stanley and Wells Fargo, reportedly detected unauthorized activity by such agents on customer accounts. RBC CEO Dave McKay said in a LinkedIn post that autonomous systems raise fraud and consumer-harm risks.
Latest updates
Canada's big banks block AI agents over security concerns
Canada's largest banks, including RBC, TD and CIBC, are blocking AI agents from accessing online bank accounts, according to MobileSyrup. The banks cite security concerns over allowing automated software to log into customer accounts. The restriction affects AI tools that act on a user's behalf to carry out financial tasks. The report did not specify the number of institutions involved beyond those named or whether the policy applies to all customer accounts. Further detail from the banks or regulators was not included in the available reporting.