US Banks Tighten AI Agent Access Controls Amid Unauthorized Transaction Concerns

Major US banks, including Morgan Stanley $MS, JPMorgan $JPM, Bank of America $BAC and Citigroup $C, are reportedly restricting third-party AI agent access to customer accounts, according to Axios.
The concerns involve autonomous agents potentially making purchases, transferring funds or contacting customer support without sufficiently clear authorization. Banks are also facing challenges distinguishing legitimate customer instructions from independently initiated AI activity.
Some institutions are reportedly considering read-only access, allowing AI tools to retrieve financial information without executing transactions.
The developments highlight emerging security risks in AI-powered financial services. However, the reported concerns do not establish the scale of confirmed unauthorized transactions or customer losses.