Bank of Montreal’s CEO, Darryl White, warns that artificial intelligence agents should not be trusted with sensitive personal banking information.
During his address at the Toronto Global Forum on Wednesday, White voiced concerns regarding the rapid advancement of AI outpacing regulations and safety measures. His statements came in the wake of RBC’s CEO mentioning the possibility of restricting Meta’s widely-used Muse AI agent from accessing customer data at his institution.
White, who leads Canada’s fourth-largest bank by total assets, remarked, “We’ve spent 25 years adapting to an e-commerce environment where we’ve become comfortable.”
This comfort has led some individuals to be too willing to “input all my personal information anywhere, into any agent.”
“Do not share your banking username and password. Do not disclose your credit card details. Avoid giving out your social insurance number or your PIN. These elements are not secure,” White advised.
“I believe we still have much work to do in terms of educating the public.”
Canada’s major banks have poured billions into artificial intelligence in recent years. In August, White proudly announced that BMO’s insurance sector is utilizing AI to make underwriting decisions in as little as 10 seconds, compared to the previous industry norm of 28 days.
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With permission from clients, AI tools such as Meta’s Muse and OpenAI’s ChatGPT can link to bank accounts and credit cards to check balances and transaction histories, as well as provide advice on spending habits. Typically, making purchases requires human approval.
On Tuesday, RBC’s CEO, Dave McKay, indicated that his bank is contemplating blocking Muse from accessing customer information.
“It’s definitely something I’m considering,” he stated during a television interview with Bloomberg News.
“We won’t rush into any decisions, but we need to find a balance between consumer needs and the privacy and security of our systems.”
Recently, the leaders of JPMorgan Chase & Co. and Charles Schwab announced they are restricting or preventing external AI agents from using their clients’ data.