BMO CEO says don't give AI agents your banking info
BMO CEO Darryl White has warned consumers against sharing sensitive banking information with AI agents, citing concerns over rapid technological advancement and insufficient regulation. This follows similar concerns from RBC regarding the security of client data when interacting with third-party AI tools.
Why it matters
As AI integration in banking grows, the tension between innovation and consumer data security is becoming a primary concern for financial institutions and regulators.
Speaking at the Toronto Global Forum on Wednesday, White expressed worry about AI advancing faster than regulations and safeguards for the technology. His remarks follow comments from RBC’s CEO on Tuesday about potentially blocking Meta’s popular Muse AI agent from accessing client data at his bank.
Meta's AI agent Muse set up Marketplace sale without telling him — and gave out his address
"We’ve grown up for 25 years in an e-commerce system where we’ve got comfortable," said White, CEO of Canada’s fourth-largest bank by total assets.
He said this has made some individuals willing to "just enter all my personal information anywhere, into any agent."
"Don't give your banking username and password. Don't give your credit card. Don't give your social insurance number. Don't give your PIN. These are not protected," White said.
"I think we've got a ways to go on educating people."
Get smarter about the news
Sign up free for a feed built around what you actually care about, Dive Deeper research on any story, and the full text of every article.
Create free accountAlready have an account? Sign in