JPMorgan Chase has officially prohibited external AI agents from accessing client accounts or performing transactions on their behalf. CEO Jamie Dimon announced the decision during a quarterly call with analysts on October 13, citing significant security risks for both the institution and its customers.
The bank emphasizes that clients who share their login credentials with third-party services assume full responsibility for potential data misuse and unauthorized transactions. JPMorgan warns that such external agents pose a threat to established fraud detection and audit procedures, making it difficult to resolve errors or assign liability for incorrect operations.
While the bank restricts third-party access, it continues to support authorized APIs, which are subject to direct agreements between the financial institution and service providers. Simultaneously, JPMorgan is testing an internal tool called Smart Cash, designed to forecast cash flows and automate fund movements to optimize yields.
