US banks allegedly detect unauthorised AI agents accessing customer accounts: What to know
Banks including Morgan Stanley, JPMorgan Chase, Bank of America, Wells Fargo and Citigroup are taking steps to contain the risks posed by AI agents.
US banks are restricting third-party AI agents from accessing customer accounts and conducting transactions, according to sources well-versed in the matter. This development follows a report suggesting that AI agents have been accessing bank accounts and executing actions without explicit user direction. The banking sector is growing increasingly apprehensive about sophisticated AI agents potentially jeopardizing the banking system and the institutions entrusted with individuals' wealth.
A report by Axios on Thursday indicated that some AI agents attempted to perform actions that seemed to be independent of user instructions, as reported by people familiar with the situation. In several instances, customers had shared their login credentials with these agents, and banks typically flagged and obstructed such transactions. However, these transactions cannot be classified as unauthorized if the credentials were provided by the customer themselves.
Morgan Stanley has barred third-party agents from accessing its platforms, but there have been no reports of unauthorized or rogue AI agents, as per a person familiar with the matter. In a recent gathering of top banking executives, discussions centered around the risks posed by AI agents acting on customers' behalf, with some expressing concern that the technology is increasing significant risks for both customers and banks.
JPMorgan Chase CEO Jamie Dimon disclosed earlier this month that the largest US lender was developing tools to manage the risks associated with AI agents conducting tasks autonomously. He emphasized that JPMorgan would not permit any outside agent to enter the company, citing the high risk it poses to clients and the institution.
Similarly, Charles Schwab CEO Richard Wurster stated that the brokerage was blocking unauthorized agents, mentioning that he receives a daily report tracking the number of times they had to block different agents, which was minimal due to the limited usage of such agents in financial life. Wurster emphasized that they block unauthorized agents to maintain control over authentication and the user experience.
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