The report highlighted specific hazards, including AI agents soliciting payment card details to submit directly into websites
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The deployment of artificial intelligence agents for online shopping could heighten the risk of scams, fraud, and data-privacy breaches, banks including NatWest and Bank of America warned on Tuesday as they outlined principles for developing the technology.
Technology firms including OpenAI, Anthropic, Google, and Meta are increasingly promoting AI chatbots as digital shopping tools, picturing a future where consumers use AI agents to curate products and complete transactions.
Retailers, meanwhile, are competing to influence chatbot recommendations.
British retailer John Lewis reported in September that search traffic originating from AI agents rose to 2.5% from 0.3% a year earlier, with the momentum accelerating.
The group of banks, which also includes ING, New Zealand's ASB Bank, US lender Capital One, and Commonwealth Bank of Australia, noted in a report that customers remain enthusiastic about the potential of agentic commerce and eager to adopt it.
However, they warned that the technology is progressing faster than current consumer protections and industry standards.
"Consumers are unclear if AI will act in their interests," the report said.
"They are concerned that AI agents may buy the wrong thing or spend too much – or even worse, lose their money to scams and fraud. They are not sure whether they will be protected or who they will need to go to if things go wrong."
The report highlighted specific hazards, including AI agents soliciting payment card details to submit directly into websites, or directing shoppers toward payment channels that offer weaker protections.
The financial institutions plan to present a series of proposals to policymakers, including mandatory disclosures when an AI agent participates in a transaction, heightened transparency regarding AI decision-making, and safeguards for customer data.
Shoppers and merchants should also retain the freedom to select which AI-powered e-commerce services they use, while differing systems ought to be interoperable, the report stated.
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