Six major financial institutions, including Bank of America, Capital One, and ING, have released a new set of principles for AI agents in commerce. The framework aims to establish trust and security in agentic transactions, addressing concerns regarding identity, fraud prevention, and liability management.
The banks highlight that consumers remain skeptical about AI agents acting in their best interest. Users fear potential overspending, incorrect purchases, and exposure to scams. The report warns that agentic commerce could increase risks of social engineering and fraudulent activities if providers fail to follow strict payment standards.
Data from PYMNTS Intelligence shows that while 50% of Americans have used AI for retail purchases and 22% use it for product research, adoption drops significantly at the payment stage. Only 24% of consumers are currently willing to authorize an AI agent to complete a transaction.
