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Banks Crack Down on Unauthorized AI Agents Operating Inside Customer Accounts

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Banks Crack Down on Unauthorized AI Agents Operating Inside Customer Accounts

Major U.S. banks are detecting and deleting unauthorized third-party artificial intelligence agents that are taking actions inside customer accounts, Reuters reported Thursday (Oct. 22), citing a paywalled article by Axios.

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Some of the agents the banks have detected appear to have tried to take actions that were not requested by the user, according to the report.

PYMNTS reported Monday (Oct. 19) that over the previous week, JPMorganChase, Citigroup, Bank of America and Charles Schwab all said that AI agents cannot move customer money.

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Charles Schwab CEO Rick Wurster said the brokerage is blocking unauthorized AI agents a double-digit number of times every week, JPMorganChase CEO Jamie Dimon said outside agents would not get inside the bank, Bank of America CEO Brian Moynihan said that a human should stay in the loop to approve money moving out of an account, and Citigroup said the bank does not let third-party agents log into accounts or transact, according to media reports.

While the four firms do not allow AI agents to move money, they do allow them to perform read-only functions such as seeing balances, according to the report.

PYMNTS reported Oct. 8 that AI agents could soon move household cash from checking accounts to accounts that pay higher rates of interest, with the agents removing the friction that had traditionally led to that money staying put.


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