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Banks warn AI shopping agents could heighten scams and data risks
In a report, banks including NatWest and Bank of America urged disclosure and stronger safeguards as AI systems could enter card details directly and steer users to weaker payment protections.
A group of banks said the growing use of AI agents for online shopping could increase risks for customers, including scams, fraud, and data-privacy breaches, according to a report published Sept. 22.
The banks, which include NatWest, Bank of America, ING, ASB Bank, Capital One, and Commonwealth Bank of Australia, warned that the technology is advancing faster than existing industry standards and consumer protections. They highlighted concerns such as AI agents requesting customers’ card details and entering them directly into websites, or steering users toward payment methods that offer weaker protections.
The report pointed to the commercial push behind agentic commerce, noting that technology companies including OpenAI, Anthropic, Google, and Meta are promoting AI chatbots as shopping tools. Retailers are also trying to influence chatbot recommendations, with British retailer John Lewis saying AI-origin searches rose to 2.5% from 0.3% a year earlier.
The banks said they plan to discuss proposals with policymakers, including requiring disclosure when an AI agent is involved in a transaction, increasing transparency about how AI agents make decisions, and adding safeguards to protect customer data. They also argued consumers and merchants should be free to choose which AI-powered e-commerce services to use, and that different systems should be interoperable, the report said.