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Major US banks are reportedly scrambling to address a rash of incidents in which unauthorized AI agents are accessing customer bank accounts.
The rise of AI agents – a type of software that can perform basic tasks such as responding to emails or making restaurant reservations without human oversight — has become a “nightmare” for the banking system – in part because current bank rules require humans to log into their own accounts.
Some banks have already caught cases in which AI agents appeared to access accounts without authorization, Axios reported Thursday, citing people familiar with the matter. Elsewhere, agents have contacted call centers or taken other actions without direct user instruction.
Unnamed bank officials told Axios that the situation is “horrifying,” with institutions fearful that AI agents could make mistakes or otherwise cause problems impacting customers’ wallets. Some banks have begun plotting contingency plans, such as how to quickly restore an account if an AI agent wreaks havoc without permission.
One anonymous bank official said it’s difficult to distinguish between human and bot activity – as well as determine whether an AI agent has permission to take action or if it’s gone wrong and moved money improperly.
A Wells Fargo spokesperson told The Post that the bank “has taken steps to block unauthorized agents from accessing customer accounts.”
Elsewhere, Morgan Stanley has begun blocking AI agents from accessing its systems – though a spokesperson for the bank told the outlet that it hasn’t detected cases of “rogue AI agents accessing our platforms.”
JPMorgan, Bank of America and Citi have also begun blocking AI agents.
Autonomous AI agents have become an increasingly popular offering from US tech companies, with Meta and OpenAI among the firms that have already rolled out their own version of the service. The Axios report didn’t specify which agents appear to be causing mischief at banks.
Representatives for Morgan Stanley, JPMorgan Chase, Bank of America and Citi did not immediately return requests for further comment.