Big US banks curb AI agents after unauthorised account access (opens the source in a new tab)
- Axios reports that big US banks are finding third-party AI agent AI software that takes actions on its own, like booking, buying or moving money, not just answering questions. inside customer accounts, usually logged in with the customer’s own password, and some acting beyond instructions. Morgan Stanley is blocking them; JPMorgan, Bank of America and Citi are restricting them; most banks lean towards read-only access.
- In an FT column, John Thornhill argues firms must ‘Know Your Agent’: identify it, keep it behaving as intended and settle who is liable when it errs. He cites Deloitte: 74% of companies plan to use agents within two years.
- 404 Media shows ID checks already strain: a scammer opened a CashApp account in Amanda Smith’s name, and she was charged.
- 74%
- of firms plan to use AI agents within two years (Deloitte, via FT)
- 4
- big US banks named as blocking or restricting agents
Why it matters Banks spent decades perfecting Know Your Customer. Agents break that model: the login is genuine, but the person may not be the one acting.
Other side Customers will want agents to pay bills and move money, and bankers admit a middle ground is needed. Blanket bans may only push password-sharing out of sight; vetted, read-only or signed agent access could prove safer.
Also read: Someone Opened a CashApp In Her Name. She Faces Years in Prison
