US banks are blocking third-party AI agents from customer accounts
XLF•Major US banks have been blocking third-party AI agents from accessing customer accounts and making transactions, people familiar with the situation said. Morgan Stanley, JPMorgan Chase and Charles Schwab have each blocked such agents, executives said.
1. Banks block agents
Major US banks have been blocking third-party AI agents from operating inside customer accounts and making transactions, two people familiar with the situation said. The industry is concerned that sophisticated agents could harm banks and the banking system.
2. Banks cite account risks
A person in the banking industry said customers have sometimes shared their login credentials with agents, and banks typically flag and block those transactions. Morgan Stanley has blocked third-party agents from its platforms but had not seen unauthorized or rogue agents, a person familiar with the matter said. JPMorgan Chase CEO Jamie Dimon said the bank was developing tools to address the risks, while Charles Schwab CEO Richard Wurster said the brokerage blocks unauthorized agents to control authentication and the customer experience.
