Key facts
- Banks warn that AI agents for online shopping could increase risks of scams, fraud, and data-privacy breaches.
- Consumers are concerned AI agents may buy the wrong items, overspend, or lead to financial loss through scams.
- AI agents might request and enter customer card details directly into websites or steer users to payment methods with weaker protections.
- Retailers are seeing a rise in searches originating from AI agents, with John Lewis reporting a jump to 2.5% from 0.3% a year prior.
- Banks propose requiring disclosure when an AI agent is involved in a transaction and greater transparency in AI decision-making.
Banks are raising concerns about the potential risks associated with the increasing use of AI agents for online shopping, including scams, fraud, and data-privacy breaches. A report released by a group of banks, including NatWest, Bank of America, ING, ASB Bank, and Capital One, highlighted that while consumers are enthusiastic about agentic commerce, the technology is advancing faster than industry standards and consumer protections.
Consumers are reportedly unclear if AI agents will act in their best interests and worry about potential overspending or financial losses due to scams. The report noted that AI agents might directly request and input customer card details or direct users to less secure payment methods. Retailers are already observing a significant increase in searches originating from AI agents, with John Lewis noting a rise to 2.5% of searches from 0.3% a year ago.
The banks plan to engage with policymakers to discuss proposals such as requiring disclosure when an AI agent is involved in a transaction, enhancing transparency in AI decision-making processes, and implementing safeguards for customer data. They also advocate for consumer and merchant choice in AI e-commerce services and interoperability between different systems.