Major US banks are blocking third-party artificial intelligence agents from accessing customer accounts and making transactions, amid growing concerns that the technology could act without users’ instructions.
Two people familiar with the situation told Reuters that banks have taken steps to prevent external AI agents from operating within their platforms.
The banking industry is increasingly concerned that advanced AI agents could threaten customers’ finances and expose financial institutions to new security risks.
An Axios report on Thursday said some AI agents had attempted to take actions that appeared to be independent of user instructions, citing people familiar with the matter.
In some cases, customers have shared their login details and passwords with AI agents, a person in the banking industry said. Banks typically flag and block the resulting transactions.
However, transactions cannot automatically be classified as unauthorised when customers have voluntarily shared their credentials with the agents.
Morgan Stanley has blocked third-party agents from accessing its platforms, according to a person familiar with the matter. The bank had not identified any cases involving unauthorised or rogue AI agents, the person added.
The concerns come as major financial institutions weigh the risks of allowing AI systems to perform tasks on behalf of customers.
Earlier this month, senior banking executives discussed the risks posed by AI agents acting on customers’ behalf. Some warned that the technology was creating significant risks for both customers and banks.
JPMorgan Chase chief executive Jamie Dimon said the bank was developing tools to manage the risks of AI agents carrying out tasks independently.
“We’re not going to allow just any outside agent to come in inside the company because that’s just too risky for clients and for JPMorgan.”
Charles Schwab chief executive Richard Wurster also said earlier this month that the brokerage was blocking unauthorised agents.
Wurster said he received daily reports showing how often the company had blocked different AI agents. He added that the number of attempts remained low, suggesting that customers were not widely using such agents for financial activities. “We are blocking it because we want to have control over authentication and the experience.”
The restrictions highlight the challenge facing banks as AI agents become more capable of carrying out tasks for users. Financial institutions are seeking to prevent external systems from gaining control over customer accounts without adequate safeguards, while maintaining control over authentication and transactions.
Erizia Rubyjeana
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