Global Banks Warn AI Shopping Agents Pose Significant Fraud and Data Risks

A group of major global banks, including Bank of America, NatWest, and Capital One, warned on Tuesday that the growing use of artificial intelligence agents for online shopping could significantly increase risks of scams, fraud, and data-privacy breaches. In a joint report, the financial institutions called for industry standards and consumer protections to keep pace with the rapid advancement of the technology.

Key Risks in 'Agentic Commerce'

The banks highlighted the rise of "agentic commerce," where AI chatbots select products and make purchases on behalf of users—a feature increasingly promoted by tech companies like Google, Meta, and OpenAI. While acknowledging customer enthusiasm for the convenience, the report stated that the technology is outpacing the development of necessary safeguards.

According to the report, consumers are concerned that AI agents may not act in their best interests. Key risks identified include:

• AI agents requesting customers' card details and entering them directly into websites.
• Steering users toward payment methods that offer weaker consumer protections.
• The potential for bots to purchase the wrong item, overspend, or fall victim to scams.
• A lack of clarity over who is liable when transactions go wrong.

A Call for Industry Standards

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The coalition, which also includes ING, Commonwealth Bank of Australia, and New Zealand’s ASB Bank, plans to engage with policymakers to establish clear guidelines. The group is proposing several principles to ensure the safe development of AI-powered e-commerce.

Proposals include requiring clear disclosure when an AI agent is involved in a transaction, greater transparency into how AI agents make decisions, and robust safeguards to protect customer data. The banks also stressed that consumers and merchants should be free to choose which AI services they use and that different systems must be interoperable.

Market Context

The banks' warning comes as the use of AI in retail is accelerating. Citing one example of the trend, the report noted that British retailer John Lewis has seen product searches originating from AI agents rise to 2.5% from just 0.3% a year earlier. This proactive call for regulation from the financial sector signals a potential point of friction with technology firms as they race to integrate AI into every aspect of digital commerce.