Banks including Bank of America and NatWest warn about risks of AI shopping agents
According to CNA Business, banks including Bank of America, NatWest, ING, ASB Bank, and Capital One warned that AI shopping agents pose risks of scams, fraud, and data-privacy breaches. The group stated that the technology is advancing faster than industry standards and consumer protections, noting that customers are unclear if AI will act in their interests.
Key facts
- 01British retailer John Lewis reported that searches originating from AI agents rose to 2.5 per cent from 0.3 per cent a year earlier.
- 02The banks plan to discuss proposals with policymakers, including requiring disclosure when an AI agent is involved in a transaction and ensuring system interoperability.
- 03The report highlighted specific risks such as AI agents requesting card details directly or steering users toward payment methods with weaker protections.
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