- Five of the largest US banks, JPMorganChase, Citi, Bank of America, Wells Fargo and Morgan Stanley, are blocking external AI agents from accessing customer accounts, American Banker reports. Charles Schwab leaders have said they are blocking Meta’s AI agent, Muse, and similar tools from accessing accounts or moving money.
- At one large bank, an AI agent reset a password, changed approved transfer accounts and moved $100,000 out, leading the fraud team to recommend blocking all external agents. JPMorgan CEO Jamie Dimon said the bank won’t “allow just any outside agent” in, warning about “rogue agents” that “could be thousands.”
- Banks are also shifting liability to customers, with JPMorgan’s and Wells Fargo’s agreements making customers responsible for actions their AI agents take. An American Bankers Association survey of more than 4,000 adults found 77% are concerned about giving an AI agent permission to move money.
- Blocking is hard because agents use Chromium-based browsers, mimic human behavior and change devices, defeating device ID and behavioral biometrics. Bank of America and Wells Fargo are design partners on Poppy, a protocol from Meta and Sierra for agents to identify themselves and get customer permission.
What Happened?
American Banker reported that major banks are blocking self-identifying external AI agents over account security, password sharing and unclear liability. A Wells Fargo spokeswoman confirmed the bank blocks unauthorized agents, while Morgan Stanley and Bank of America did not respond and Citi declined to comment. Transmit Security CEO Matt Thompson said many banks have set up agentic AI war rooms. Former Morgan Stanley AI head Jeff McMillan said blocking agents that log in with a customer’s password is reasonable until standards exist.
Why It Matters?
AI agents threaten bank fraud controls and also bank deposits, since consumers could use them to move money to providers with higher yields or lower fees. McMillan warned that agents blocked by restrictive banks will open accounts at firms that are less restrictive. The situation mirrors the screen-scraping fights with Plaid and Mint a decade ago, which ended in data-sharing agreements and API standards.
What’s Next?
Watch for industry standards on agent identity, authorization and liability, such as Lead Bank’s proposed liability framework and the Financial Data and Technology Association’s new white paper. If history repeats, banks will strike agreements and lift the bans. Until then, banks that move first to safely support agents could gain customers.
Affected Tickers and Coins: JPM, C, BAC, WFC, MS, SCHW, META
Source: American Banker
