Many of Canada’s biggest banks say they will block personal AI agents from directly accessing online bank accounts, citing serious safety and security concerns.
Meta has come up with an AI assistant known as Muse, which is capable of withdrawing money, transferring funds and paying bills.
RBC, TD Bank, CIBC and BMO all say that allowing an AI agent direct access to a client’s personal banking could put assets and other data at serious risk.
(VOCM News)
Local tech blogger Kevin Andrews says AI can be useful in helping people to better manage their money, but the banks are drawing a line when it comes to direct access to accounts.
“Canada is working towards something called Open Banking or Consumer Driven Banking…the idea is that authorized financial services could securely access that information with your permission, without actually needing your banking password.”
“I think there’s an importance there to keep in mind…you shouldn’t have to choose between useful financial technology and protecting our banking information. to me, the goal should be, to give these services access to only what they need, rather than hand(ing) over the keys to the Kingdom.”
