Major U.S. Banks Restrict Third-Party AI Agents Over Account Access Fears

Major U.S. banks are restricting third-party AI agents after detecting unauthorized access to customer accounts and activity that appeared to occur without user instructions, according to Axios, citing people familiar with the matter. JPMorgan (JPM), Bank of America (BAC), Citigroup (C) and Morgan Stanley (MS) are restricting outside agents, and Wells Fargo (WFC) is among the banks working to address the risks. Morgan Stanley has begun blocking third-party agents but said it has not observed rogue agents accessing its platforms.

What each bank is reported to be doing

How agents are getting in

Some agents access accounts using customer-provided credentials. That can violate bank policies, which at most banks require customers to log in themselves, even when the customer has given permission. Unauthorized access in this sense does not necessarily mean hackers stole passwords. In some cases, banks reported agents contacting call centers or appearing to act independently of user instructions, which raises concerns about unauthorized purchases and fund transfers. Coverage of the report describes attempted actions and concerns, not disclosed customer losses.

Why detection is hard

A valid login shows that an account was accessed, but not whether the customer, an approved tool or an agent acting beyond its instructions did it. Banks struggle to tell human activity from AI agents, to verify that a customer authorized a given agent, and to determine whether an agent has gone beyond what it was told to do. Automated activity can also extend beyond a bank's website or mobile app, to channels such as call centers.

Where banks are drawing the line

Most banks have authorized, or are moving toward, read-only access, which lets an agent view financial information without moving money, similar to connections banks already allow for budgeting and accounting software. At JPMorgan, a spokeswoman told CNBC that outside agents cannot act for a customer or log in with a customer's credentials, according to PYMNTS. Agents can view balances read-only when a customer authorizes a connector such as Plaid, and they cannot send money or pay bills. Dimon also said users of outside agents should understand "the liability transfer," meaning who absorbs the loss if something goes wrong.

The Consumer Financial Protection Bureau has advised consumers to check how financial apps use their data and to revoke access they no longer use, noting that "Simply deleting an application from a phone does not necessarily terminate its permission to retrieve financial data."

Sources: Axios (Oct. 22), citing people familiar with the matter; JPMorgan's third-quarter earnings call (Oct. 13); Morgan Stanley and Chase spokespeople; CFPB consumer guidance. This is informational, not a recommendation to buy or sell.