Sources at several banks have indicated that they have been taking actions independent of user instructions.
Unauthorized third-party AI agents are accessing US bank accounts, according to a report by Axios. Some of these agents are even taking actions that appear to be independent of user instructions, though this is based on unnamed sources within several banking institutions.
Many AI agents, including the cute and cuddly Muse, can access a user’s bank account to perform actions on their behalf. This is already a security nightmare, as most banks mandate that humans log in to their own accounts. The problem is compounded when these agents start to buy things or shift money around. The potential for scams and fraud is off the charts.
Banks have tracked agent activity and suggested that they have done things like contact call centers, all without being given specific permission. This has caused institutions like Morgan Stanley, Bank of America, JPMorgan and Wells Fargo to rapidly make changes to contain any risk. Some have blocked third-party agents from accessing their platforms and others have issued restrictions in certain instances. Many are trying to make it so agents only have read access and cannot actually make any changes.
A Chase spokesperson told Axios that customers should not give their usernames and passwords to anyone, and that includes AI agents. CEO Jamie Dimon also warned in a recent earnings call that there could be thousands of rogue agents operating across financial platforms.
There haven’t been too many stories of AI-induced financial calamity just yet, but it’s worth exercising some prudence before letting these agents run amok in your bank account. That’s because it’s highly unlikely you’d get your money back if an agent did do something wrong. The banks wouldn’t be liable for restitution, as it would be considered a voluntary action on the part of the user. This is according to laws like the US Electronic Fund Transfer Act. It’s not fraud if you’re the one handing over the keys to AI. In other words, be careful out there.