Banks warn AI shopping bots raise scam, fraud and data-privacy risks
Technology companies including OpenAI, Anthropic, Google and Meta are increasingly promoting AI chatbots as shopping tools, envisioning a future in which shoppers use AI agents to select products and make purchases on their behalf. Retailers, meanwhile, are racing to influence chatbots' recommendations.
Banks NatWest, Bank of America, ING, ASB, Capital One and Commonwealth Bank of Australia have issued a warning that the use of AI shopping bots could heighten the risk of scams, fraud and data breaches, according to a report published on Tuesday. The banks have outlined principles for the development of this new technology, expressing concerns that AI agents could make decisions that are not in customers' best interests, leading to potential financial loss or data breaches.
The banks are urging policymakers to consider implementing measures such as mandatory disclosure when an AI agent is involved in a transaction, increased transparency about how AI agents make decisions, and robust safeguards for customer data. Retailers are also competing to influence the recommendations made by AI agents, with John Lewis reporting a surge in searches originating from AI agents, which rose from 0.3% to 2.5% of searches in the past year.
Written by urgent.news from Economic Times Tech's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
