Key facts
- Unauthorized AI agents detected in customer accounts at major US banks.
- Some agents appear to act independently of user instructions.
- Banks are implementing controls to limit AI agent access.
- Concerns exist about AI agents draining deposits by shifting idle cash.
Major US banks are detecting unauthorized third-party AI agents operating within customer accounts, with some attempting actions that appear independent of user instructions, according to an Axios report citing people familiar with the matter. Financial institutions including Morgan Stanley, Bank of America, JPMorgan, and Wells Fargo are reportedly racing to contain the risks associated with these AI agents. Banks fear that these agents could drain deposits by shifting idle cash to higher-return options. In response, several banks are tightening controls. Citigroup stated it does not permit third-party AI agents to log into customer accounts or transact directly, though it allows limited, read-only access with approved open banking providers. Bank of America is limiting AI agents' access to consumer deposits, and CEO Brian Moynihan indicated the bank is developing protocols to determine liability for AI-authorized payments. JPMorgan Chase CEO Jamie Dimon also confirmed the bank is limiting AI agent access to protect customers, and Charles Schwab is blocking unauthorized AI agents from transferring client funds.