Major US banks are blocking third-party AI agents from accessing customer accounts, responding to the detection of unauthorized AI activity within user accounts and concerns about autonomous tools operating beyond user instructions. JPMorgan Chase, Citigroup, Bank of America, Morgan Stanley, and Wells Fargo are among the institutions restricting access, with some allowing only read-only access. The issue arose after users granted AI assistants, such as Meta’s Muse, access to financial data through services like Plaid, a practice that violates most banks’ security guidelines. Banks are struggling to differentiate between authorized and rogue AI agents, and to prevent breaches, leading to increased investment in security measures.
Jamie Dimon, CEO of JPMorgan Chase, stated the bank is developing tools to manage risks associated with autonomous AI agents, adding, “We're not going to allow just any outside agent to come in inside the company because that's just too risky for clients and for JPMorgan.” Charles Schwab CEO Richard Wurster said his brokerage is blocking unauthorized agents to maintain control over authentication and the customer experience, reporting daily attempts to block such agents. A senior bank official told Axios that distinguishing between different AI agents is proving difficult. Miranda Bogen, founding director of the Center for Democracy & Technology’s AI Governance Lab, noted in July that ordinary users of AI tools are at greater risk of breaches affecting companies processing data, including banks.
While some banks have detected unauthorized activity, Morgan Stanley reports it has not seen instances of rogue AI agents despite blocking third-party access. Customers sharing login credentials with AI agents presents a challenge, as transactions cannot be considered unauthorized if done with the user’s consent, according to one person in the banking industry. The developments highlight growing concerns within the financial sector regarding the security implications of AI agents interacting with online services and initiating transactions.
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