Big banks warn that AI agents could lead to uptick in scams

While AI true believers worry about doom-and-gloom scenarios of AI destroying the world, some major financial institutions are sounding the alarm over a more grounded AI-related concern: scams.

On Tuesday, a consortium of big global banks put out a "principles paper" detailing their apprehensions regarding AI assistants as it relates to commerce. It also details principles that they would like to see followed as AI companies develop and continue to work on the technology.

Namely, the banks are concerned that AI agents empowered to act on behalf of customers will lose money to scams and fraud and, in turn, hurt merchants.

"As highly regulated financial entities, we are focused on managing risk effectively as emerging technologies arise," reads the opening of the paper. "Consumers are unclear if AI agents will act in their interests."

"They are concerned that AI agents may buy the wrong thing or spend too much – or even worse, lose their money to scams and fraud,"  the paper continues. "They are not sure whether they will be protected or who they ​will need to go ​to if things ⁠go wrong."

The paper, called Building Trust in Agentic Commerce, was published by Bank of America, Capital One, ASB Bank, Commonwealth Bank of Australia, ING Group, and NatWest Group.