Banks restrict third-party AI agents' access to customer accounts

Morgan Stanley has begun blocking third-party AI agents from its platforms, and JPMorgan, Bank of America and Citi are also restricting them, Axios reported on Oct. 22, citing people familiar with the decisions.1

Axios reported, citing people familiar with the issue, that concerns about agents with login access are at the root of the decision by several banks to restrict third-party AI agent access, and that banking executives fear what such agents might do, especially if a user has granted purchase authority or the ability to shift funds.1 Axios also reported that some banks have tracked agents contacting call centers or appearing to act independently of user instructions, according to people familiar with the matter.1

Many banks cannot tell whether agent activity is user-directed, Axios reported, and one bank executive said they struggle to tell whether an agent was authorized by a user or has gone rogue.1

Axios reported that most banks have authorized, or are moving toward allowing, read-only access, which lets agents see customer financial information without acting; banks already grant similar access to apps such as Quicken.1

A Chase spokesperson said customers should not give their usernames and passwords to anyone, and a Morgan Stanley spokesperson said the bank has not observed instances of "rogue AI agents accessing our platforms."1

PYMNTS reported on Oct. 19 that JPMorganChase, Citigroup, Bank of America and Charles Schwab all said outside agents cannot move customer money; at JPMorganChase, agents authorized through a connector such as Plaid can see balances but cannot send money or pay bills, and the bank gave no timeline for changing that.2