TD spokesperson Ada Rampersaud said in a statement the lender will be blocking AI agents from direct access to its clients’ banking information “where authentication is required.” BMO spokesperson Jeff Roman said the bank made the decision last week not to let agents access its digital properties or execute transactions in order to protect its clients. CIBC spokesperson Deborah Rowe also confirmed the bank “[does] not support” AI agents directly opening or accessing accounts. RBC, which also blocked third-party agents, said they represent an “unacceptable customer risk,” according to an internal memo obtained by Bloomberg. (The Logic, Bloomberg)

Talking point: RBC said the technology could act beyond customers’ expectations or expose them to liability, acknowledging the move may disappoint some clients. Its decision comes a week after RBC CEO Dave McKay said the bank was considering blocking Muse from accessing customer information. In an interview with The Logic last week, RBC’s head of AI Bruce Ross raised concerns about agents accessing bank accounts and moving customers’ money without adequate safeguards, pointing to questions around identity verification, fraud prevention and liability. BMO CEO Darryl White also warned last week that safeguards around data privacy and fraud prevention haven’t caught up to the surge in AI agents. – Chaimae

Editor’s note: This briefing was updated to include information about TD, BMO, and CIBC’s policies.

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