AI agents accessing US bank accounts is budding nightmare for banking industry: report | Latest Tech News
Major US banks are reportedly scrambling to handle a rash of incidents in which unauthorized AI agents are accessing buyer bank accounts.
The rise of AI agents – a kind of software program that can carry out basic duties such as responding to emails or making restaurant reservations without human oversight — has develop into a “nightmare” for the banking system – in half because current bank guidelines require people to log into their own accounts.
Some banks have already caught circumstances in which AI agents appeared to access accounts without authorization, Axios reported Thursday, citing people acquainted with the matter. Elsewhere, agents have contacted call facilities or taken other actions without direct consumer instruction.
A buyer leaves a Bank of America ATM kiosk in Boston, Mass., in October 2017. REUTERS
Unnamed bank officers told Axios that the state of affairs is “horrifying,” with establishments fearful that AI agents may make errors or in any other case trigger issues impacting prospects’ wallets. Some banks have begun plotting contingency plans, such as how to shortly restore an account if an AI agent wreaks havoc without permission.
One nameless bank official said it’s troublesome to distinguish between human and bot exercise – as properly as decide whether or not an AI agent has permission to take motion or if it’s gone mistaken and moved money improperly.
A Wells Fargo spokesperson told The Post that the bank “has taken steps to block unauthorized agents from accessing customer accounts.”
AI agents are reportedly inflicting points for major banks. Chaosamran_Studio – stock.adobe.com
Elsewhere, Morgan Stanley has begun blocking AI agents from accessing its systems – though a spokesperson for the bank told the outlet that it hasn’t detected circumstances of “rogue AI agents accessing our platforms.”
JPMorgan, Bank of America and Citi have also begun blocking AI agents.
Autonomous AI agents have develop into an more and more in style offering from US tech firms, with Meta and OpenAI among the corporations that have already rolled out their own model of the service. The Axios report didn’t specify which agents seem to be inflicting mischief at banks.
Representatives for Morgan Stanley, JPMorgan Chase, Bank of America and Citi didn’t immediately return requests for additional remark.
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