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Banks move to restrict AI agents’ access to customer accounts

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Banks move to restrict AI agents’ access to customer accounts

JPMorgan Chase, Citigroup, Bank of America and Charles Schwab have introduced or confirmed restrictions on outside agents, including Meta’s Muse. Royal Bank of Canada is considering blocking Muse from accessing customer information, while Bank of Montreal has warned customers against sharing banking credentials, payment card details and personal identification numbers with AI agents.

Banks are distinguishing between approved read only access to account information and permission to initiate payments or move money. Security concerns include exposed credentials, unauthorised transactions and AI agents acting beyond customers’ instructions. Banks are seeking stronger authentication, restricted permissions and human oversight, while liability for AI initiated transactions remains a concern. AI agents could intensify competition for deposits by shifting funds to higher yielding accounts, although widespread AI driven deposit outflows have not been established.

Major banks and financial firms in the US and Canada are restricting third party artificial intelligence agents from accessing customer accounts or initiating transactions, as the rapid adoption of automated assistants raises concerns over credential security, unauthorised payments and liability. JPMorgan Chase, Citigroup, Bank of America and Charles Schwab have introduced or confirmed restrictions on outside agents, including Meta’s Muse. Royal Bank of Canada is considering blocking Muse from accessing customer information, while Bank of Montreal has warned customers against sharing banking credentials, payment card details and personal identification numbers with AI agents . The measures reflect a growing divide between allowing AI to help customers manage their finances and permitting it to act directly on their accounts. Advt

The restrictions do not amount to a blanket rejection of AI in financial services.


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