Axios reports:

Major U.S. banks are detecting unauthorized third-party AI agents operating inside customer accounts, with some agents attempting to take actions that appear to be independent of user instructions, sources tell Axios.

Why it matters: AI agents are becoming a nightmare for America’s banks, making their way into banking systems faster than financial institutions can respond.

• The difficulty in distinguishing between a human and an unauthorized bot is forcing banks to block the technology and rapidly rewrite their terms of service.

Driving the news: Banks including Morgan Stanley, Bank of America, JPMorgan, Wells Fargo and others are racing to contain agent risks. Some are aware of unauthorized access, people familiar with the issue said.

• These are generally situations when an agent or AI assistant accesses a human’s account with the user’s permission and login credentials. Even if permitted by the user, this goes against the guidelines of most banks requiring that humans log in to their own accounts.
• This presents significant security risks: Banking executives fear the steps agents with login access might take, especially if a user has granted purchase authority or the ability to shift funds.

• In other instances, some banks have tracked activity when agents — programmed to fulfill requests or complete tasks on a user’s behalf — contact call centers or appear to take actions independent of user instructions, the people said.

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