Customers using AI assistants to manage their money could face restrictions as major US banks move to block automated tools from accessing their accounts. Banks including Morgan Stanley, Bank of America, JPMorgan Chase and Wells Fargo have detected unauthorised activity by third-party AI agents, with some systems appearing to act beyond users’ instructions, Axios reported on Thursday, October 22.

AI agents are software tools that can perform tasks on behalf of users, such as checking bank balances, making purchases and managing finances. Unlike chatbots, which mainly answer questions, these agents can interact with websites and applications to complete tasks.

Banks are concerned that agents using customers’ login details could make payments, transfer money or take other actions without proper authorisation. Even when customers give these tools permission to access their accounts, the practice can violate bank rules that require customers to log in themselves.

According to people familiar with the matter cited by Axios, some banks have also observed AI agents contacting call centres or appearing to take actions independently of users’ instructions.

Morgan Stanley has started blocking third-party AI agents from accessing its platforms, while JPMorgan, Bank of America and Citigroup are also restricting such tools, Axios reported.

A Chase spokesperson advised customers not to share their usernames and passwords with anyone. A Morgan Stanley spokesperson told Axios that the bank had not observed instances of “rogue AI agents accessing our platforms”.

One major problem for banks is identifying whether an account is being accessed by a customer or an AI agent.

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