Some automated assistants appear to be taking actions beyond users' instructions, prompting questions about account security and who bears responsibility when something goes wrong. #
Major U.S. banks are detecting third-party artificial intelligence agents accessing customer accounts without bank authorization, with some automated tools appearing to act independently of their users' instructions, according to a new report.
Morgan Stanley, Bank of America, JPMorgan Chase and Wells Fargo are among the institutions responding to the activity, which has raised concerns about customer security and the ability of banks to monitor increasingly sophisticated software.
The Axios investigation cited people familiar with the matter who said some banks were aware of unauthorized access involving AI agents. In certain cases, the tools contacted bank call centers or appeared to perform tasks that customers had not specifically requested.
The reported incidents do not necessarily involve hackers breaking into accounts. Some customers voluntarily provide their login credentials to AI assistants designed to manage financial information or complete tasks on their behalf. However, using those credentials to access banking systems can violate institutional policies, even when the customer has granted permission.
Banks are struggling to distinguish between legitimate customer activity, authorized software and agents operating outside their intended instructions, the report said.
JPMorgan Chief Executive Jamie Dimon addressed the issue during the bank's latest earnings call last week, warning that financial institutions needed safeguards against outside AI tools that could compromise customer information or financial assets.
Dimon said the bank was not opposed to using AI agents and was already deploying the technology internally. However, it would not allow unrestricted access by outside providers.
"We're not going to allow just any outside agents to come in inside the company," Dimon said, explaining that the risks were too significant for customers and the bank.
In the JPMorganChase third-quarter earnings transcript, Dimon also raised concerns about liability when customers rely on AI tools that subsequently misuse their information.
Chief Financial Officer Jeremy Barnum provided further details about the bank's approach. He said some outside financial services obtain access through credential sharing or screen scraping, a process in which software retrieves information directly from a customer's online banking interface.
JPMorgan considers those methods insecure and is blocking them where possible, Barnum said. He cautioned that customers could face consequences if they gave their credentials to an agent that subsequently carried out an unwanted transaction.
The bank is developing ways to support such services through more secure connections rather than allowing automated tools to operate using ordinary customer logins.
Other financial institutions are adopting their own restrictions. Morgan Stanley has begun blocking third-party agents from its platforms, according to people familiar with the decision cited by Axios. However, a spokesperson told the publication that the bank had not observed rogue AI agents accessing its systems.
Bank of America and Citigroup are also restricting outside AI agents, while Chase has warned customers against sharing usernames and passwords with third parties.
The different responses indicate that some institutions are taking preventive measures rather than reacting to confirmed unauthorized activity on their own platforms.
AI agents differ from traditional chatbots because they can perform tasks rather than simply answer questions. A financial assistant might be instructed to review spending, compare savings accounts, prepare a budget or help move funds between institutions.
To perform those functions, the software may require access to sensitive financial information. The level of risk depends partly on whether it can only view account data or has permission to initiate transactions.
The Consumer Financial Protection Bureau has previously advised consumers to examine how financial applications use their data before connecting them to bank accounts.
The agency recommends checking whether a service can initiate payments, how frequently it accesses information and whether that information is shared with other companies.
It also advises customers to review account statements for unfamiliar transactions and revoke access when they stop using a service.
Simply deleting an application from a phone does not necessarily terminate its permission to retrieve financial data, the CFPB has warned.
Beyond security, financial institutions are examining how automated assistants could change the way customers manage their money. During JPMorgan's October earnings call, Barnum discussed the possibility that personal AI agents could make it easier for customers to compare interest rates and shift deposits between banks.
Such tools could intensify competition for savings by helping customers identify better returns without manually researching different financial products.
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