Morgan Stanley, JPMorgan curb third-party AI agents in customer accounts: Axios
In brief
- Banks found unauthorized third-party AI agents operating inside customer accounts, Axios reported.
- Morgan Stanley is reportedly blocking outside agents; JPMorgan, Bank of America and Citi are restricting them.
- Some agents reportedly attempted actions that appeared to go beyond user instructions.
- Most banks have authorized, or are leaning toward, read-only access, per Axios.
What Axios reported
Banks have been detecting unauthorized third-party AI agents operating inside customer accounts, according to Axios. Some of those agents logged in with the customer's own credentials. Others reportedly attempted steps that appeared to go beyond what users had asked for (Axios's sources described them as looking independent of user instructions).
Each bank is handling it a little differently. Morgan Stanley is blocking outside agents, Axios reported, while JPMorgan, Bank of America and Citi are restricting them. Those positions come from Axios's reporting, not from statements the banks themselves have issued.
Bank executives described the situation as “horrifying,” with one saying the industry has “grave concerns” about agents reaching into accounts and taking actions that could affect people’s finances.
Why banks are pushing back
The core issue is identity. Even when a customer grants an agent permission, having software log in as the account holder clashes with the rules at most banks, which require humans to access their own accounts.
It's also a detection problem. One executive told Axios they struggle to tell agents apart, or to know whether a given agent was authorized by the customer at all. If a bank can't answer that question at login, it doesn't have much to work with when deciding what the software should be allowed to do.
Read-only looks like the compromise
Per Axios, most banks have authorized, or are leaning toward, read-only access that would let agents view a customer's financial information without moving money. That's similar to the access budgeting apps already get today. Industry executives acknowledged that customers will want to use these agents, so some accommodation is likely coming.
Under that model, the agent can look. It can't move a dollar.
Decrypt also pointed, in its own background, to a warning from the Bank for International Settlements that AI is shrinking the window banks have to patch security flaws before attackers exploit them.
Frequently asked questions
Why are banks restricting third-party AI agents?
According to Axios, software logging in as the account holder clashes with rules at most banks requiring humans to access their own accounts, even when the user grants permission. One executive told Axios they struggle to tell agents apart or know whether an agent was authorized by the customer.
What kind of access are banks considering for AI agents?
Axios reported that most banks have authorized, or are leaning toward, read-only access. That would let agents view a customer's financial information without moving money, similar to the access budgeting apps get.
