AI agents detected inside customer bank accounts, report says

Some of the biggest financial institutions in the U.S. have detected unauthorized activity from third-party AI agents operating within their customers' online accounts. These AI agents, which are not vetted by banks, are accessing customer accounts after users share their login credentials, according to a new Axios report.

The unauthorized AI activity represents an industrywide problem facing dozens of financial institutions as they race to curb AI agents' access to customer accounts. While not hacking into accounts to steal funds, these agents are taking actions that users never approved.

Unauthorized Actions

Examples of agent behavior that users never approved include AI calling a bank with a complaint without first consulting the account holder. These agents are largely following user instructions without the bank's permission to transact on behalf of human account holders.

In a lot of cases, this is just going to be customers giving their username or password to an AI agent that the bank hasn't had a chance to vet yet, that goes against the bank's terms of service. In other cases, in our reporting, we did find evidence that appeared to look like agents taking actions in customer accounts that were not authorized.

Madison Mills described the situation as a nightmare of AI agent activity for banks, though she clarified these agents weren't going rogue or hacking customer accounts to deplete funds.

White House Response

White House AI czar David Sacks responded to the Axios report, distinguishing between personal AI agents that help manage users' bank accounts and hackers deploying AI for nefarious purposes. He emphasized that most of the activity described appears to be customers sharing credentials with agents so they can take actions on their behalf.

Sacks suggested banks could grant AI agents read-only permission, allowing them to view a user's spending and other bank activity but not take autonomous actions. He noted that full write access (with user credentials) is a different risk category and should be approached carefully.

Bank Actions

Some banks are taking action to make customers aware of the risks of sharing credentials with AI. Chase emphasized that customers should not give their username and passwords to anyone, supporting secure, customer-authorized data sharing through open banking providers.

JPMorgan Chase CEO Jamie Dimon expressed concern about AI agents taking actions in customers' accounts during the company's Oct. 13 earnings conference call, stating they won't allow just any outside agents to access the company's systems due to risks for clients and JPMorgan.

Charles Schwab has been blocking unauthorized agents, while Morgan Stanley reported no unauthorized AI agent activity across its platforms. Bank of America and Wells Fargo did not respond to requests for comment on the matter.