Oct 23, 2026
AI agents are pitched as the ultimate personal assistant: they can check your bank and credit card balances, flag a pricey grocery run and, eventually, pay your bills on your behalf. To accomplish any of that, however, they need a way into your money — and this is leading Canada’s top bankers to warn the public to slow down.
While speaking at the Toronto Global Forum on Oct. 21, BMO CEO Darryl White said decades of online shopping have made people far too comfortable with typing their personal details into any app that asks. White urged Canadians to not give their banking username and password, credit cards, social insurance number (SIN) and personal identification number (PIN) to AI agents, since the agents can’t safeguard that sensitive information from being accessed by bad actors.
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“I think we’ve got a ways to go on educating people,” White said.
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The bigger risk isn’t only a data leak, because, depending on how you connect an AI tool to your accounts, you could end up paying for fraud that your bank would otherwise cover.
Why are Canada’s bank CEOs suddenly worried about AI agents?
White’s comments, as reported by CBC News, came a day after RBC’s CEO Dave McKay revealed that his bank is mulling over whether to block Muse, Meta’s AI agent, from accessing sensitive customer data. When discussing consumer protection with Bloomberg, McKay admitted, “we’re liable for that as an organization.”
With your permission, agents like Muse and OpenAI’s ChatGPT can link to bank and credit card accounts to track balances and spending — although purchases typically still require human approval. South of the border, JPMorgan Chase has said they’re blocking or limiting outside agents from being used in customer accounts.
Agents can also act in unpredictable ways. Recently, a Toronto man told CBC News that Muse set up a Marketplace sale without his knowledge and even gave a stranger his home address.
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Could sharing your login cost you your fraud protection?
It could, and it’s a risk that, for many, may not be top of mind. Most Canadian banks reimburse unauthorized online transactions, but only if you hold up your end of the user agreement.
The Financial Consumer Agency of Canada (FCAC), the federal regulator that oversees how banks treat consumers, has warned that providing your user ID and password to a third party may breach your bank’s user agreement. This could leave you liable for any associated losses, even if the third-party service has strong security of its own.
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That alert dates to 2018, when budgeting apps were the main concern for regulators. AI agents raise the same issue, with an important caveat: the software may be able to act for you, not just read your data.
How big is the fraud risk?
Canadians reported more than $704 million in fraud losses in 2025, according to the Canadian Anti-Fraud Centre (CAFC), an agency jointly managed by the Royal Canadian Mounted Police (RCMP), the Competition Bureau and the Ontario Provincial Police (OPP). However, only 5% to 10% of fraud is ever reported, which means the real figure is likely far higher.
Identity fraud — schemes designed to get people to hand over SINs, passwords and banking details — was the most reported type. This information is exactly what White urged Canadians to keep away from AI agents.
Is there a safer way to use AI with your money?
Yes, but it hasn’t been fully rolled out yet. Giving an app your password is different from authorizing limited, read-only access through a secure, bank-approved connection.
Ottawa is working on legislation to offer safer guardrails. The Consumer-Driven Banking Act received royal assent in March 2026, and proposed regulations published in the Canada Gazette would let Canadians share financial data with accredited providers under Bank of Canada oversight. The rules aren’t in force yet, and letting outside apps move money (“write access”) is being studied for a later phase.
Until then, read-only tools carry less risk than handing over full credentials — but neither option is risk-free.
What to do now
- Never share your banking username, password, PIN, SIN or full card number with an AI chatbot or agent
- Read your bank’s online banking agreement before linking any app to make sure you won’t be breaking its rules
- Choose read-only connections through your bank’s approved channels where available
- Turn on transaction alerts and report anything suspicious to your bank right away
- If you’ve already shared your credentials, be sure to change your password, revoke the app’s access and call your bank
- Report any suspected fraud to the CAFC and local police
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Writer and editor based in Toronto with experience in personal finance, insurance, arts and culture and branded content.
