BMO CEO says don't give AI agents your banking info

Jeff Lagerquist · CBC News

· Posted: Oct 21, 2026 1:12 PM EDT | Last Updated: 3 minutes ago

Bank of Montreal chief executive officer Darryl White says artificial intelligence agents are not to be trusted with personal banking information. 

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.

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"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."

Canada’s big banks have invested billions in artificial intelligence in recent years. In August, White boasted that BMO's insurance division is using AI to make underwriting decisions in as little as 10 seconds, versus the previous industry standard of 28 days.

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With a client’s authorization, AI agents like Meta’s Muse and OpenAI’s ChatGPT can connect to bank accounts and credit cards to monitor balances and transaction histories, and share tips on spending habits. Making purchases typically requires human approval.

On Tuesday, RBC CEO Dave McKay said his bank is considering blocking Muse from accessing client information.

"It’s something I’m thinking about, absolutely," he told Bloomberg News in a television interview.

"We’re not going to make a rash decision, but we have to balance the needs of a consumer with the privacy and safety of the system."

Last week, the CEOs of JPMorgan Chase & Co. and Charles Schwab said they are blocking or limiting outside AI agents from using their client's data.