On September 22, 2026, a consortium of major financial institutions, including Bank of America, NatWest, ING, ASB Bank, and Capital One, published a joint report regarding the risks of AI-powered shopping agents. The banks state that these tools create new vectors for fraud, scams, and data privacy issues.
The consortium is calling on policymakers to implement mandatory disclosure requirements whenever an AI agent participates in a financial transaction. The banks also advocate for increased transparency in AI decision-making processes and stricter standards for handling customer data during automated operations.
The report highlights concerns regarding payment security, noting that AI agents may enter card details or suggest less secure payment methods. Additionally, the banks point to a lack of clarity regarding liability when a transaction fails, as current consumer protection frameworks do not address the roles of AI developers, platforms, or retailers.
Data from the Consumer Bankers Association and Forrester indicates that many consumers remain hesitant to allow AI agents to perform autonomous transactions. Concerns include potential errors, loss of control, and the risk of exposing sensitive payment information to malicious actors.
