US banks restrict third-party AI agents’ access to accounts — Engadget

Banks in the United States are taking steps to limit third-party AI agents’ access to customer accounts following reports of unauthorized activity by such systems. As Engadget writes, citing Axios, sources at several banking institutions said that some agents may have performed actions without specific instructions from users.

Restrictions for third-party services

AI agents can gain access to bank accounts to carry out transactions on a user’s behalf. According to the publication, banks tracked the activity of such agents, including their contacts with call centers without special authorization to do so.

Morgan Stanley, Bank of America, JPMorgan and Wells Fargo are rapidly changing their approaches to contain potential risks, according to Engadget. Some institutions have already blocked third-party agents’ access to their platforms, while others have introduced restrictions in certain cases. Some banks are trying to leave agents only with the ability to view data, without the right to alter information or carry out transactions.

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Chase warning

A Chase spokesperson told Axios that customers should not share their logins and passwords with anyone, including AI agents. JPMorgan Chase CEO Jamie Dimon also warned during a recent earnings call that thousands of uncontrolled agents may be operating on financial platforms.

Risks for users

The publication notes that providing credentials to an AI system may make it more difficult to recover funds in the event of an agent’s erroneous actions. According to Engadget’s description, in such a situation, a transaction may be considered voluntarily initiated by the user, including under the US Electronic Fund Transfer Act.