RBC to block personal AI agents from access to online banking

Royal Bank of Canada said Tuesday it will block third-party personal AI agents from direct access to its digital properties, including online banking, citing client and system security. RBC chief executive Dave McKay wrote on LinkedIn that AI agents are becoming more autonomous and that failures could range from fraud and consumer harm to risks rippling through the financial system, adding that "nothing is more important than the security of client information." The bank said the change affects "the small portion of our clients who use these tools.

Canada's largest bank has decided to block third-party personal artificial intelligence https://financialpost.com/tag/artificial-intelligence/ agents from direct access to its digital properties including online banking. "We understand that this may be disappointing for the small portion of our clients who use these tools," Royal Bank of Canada https://financialpost.com/tag/royal-bank-of-canada/ said in a statement on Tuesday. "We make this decision with the safety and security of our clients and systems at the forefront." In a separate post on Linkedin, RBC's chief executive Dave McKay said that while an AI agent could help consumers, these systems are becoming more autonomous and the stakes are high if something goes wrong, ranging from fraud and consumer harm to risks that could ripple more broadly through the financial system. - Canada's banks are charging unclear fees that discourage competition, says consumer watchdog https://financialpost.com/fp-finance/banking/canadas-banks-charging-unclear-fees-watchdog - RBC considers blocking Meta's Muse AI agent, CEO Dave McKay says https://financialpost.com/fp-finance/banking/rbc-considers-blocking-metas-muse-ai-agent "Trust is core to our relationship with our clients," he said. "While we appreciate the benefits of using AI to save time, nothing is more important than the security of client information." • Email: nkarim@postmedia.com