Sources say that Bank of America is blocking third-party AI agents from accessing customer accounts.

According to two people familiar with the matter, major U.S. banks have begun blocking third-party AI agents from operating within customer accounts and executing transactions, following reports that such agents could access bank accounts and act independently of user instructions. There is growing concern within the banking sector that powerful AI agents could pose a risk to the banking system and the institutions entrusted with safeguarding people’s wealth. A report by Axios on Thursday, citing these sources, noted that some AI agents have attempted to take actions that appear to fall outside the scope of user instructions.

A banking industry source noted that in some instances, bank clients share their login IDs and passwords with AI agents; banks typically flag and block such transactions. However, if the credentials were shared by the client, these transactions cannot be classified as unauthorized. Morgan Stanley has prohibited third-party AI agents from accessing its platform, though a person familiar with the matter stated that the firm has not yet encountered any instances of unauthorized or malicious AI agents. Earlier this month, several banking executives discussed the risks associated with AI agents acting on behalf of clients, with some warning that the technology poses significant risks to both clients and the banks themselves.

JPMorgan Chase CEO Jamie Dimon stated earlier this month that the largest U.S. lender is developing tools to address the risks posed by AI agents that execute tasks autonomously. “We won’t allow any external agents inside the firm,” he said at the time, “because the risk to our clients and to JPMorgan Chase is simply too great.” Charles Schwab CEO Richard Wurster also noted earlier this month that the brokerage firm is blocking unauthorized agents. “I get a report every day tracking how many times we’ve blocked various agents,” Wurster said. “It’s not a large number, as I don’t think people are using them this way in their financial lives. We block these agents because we want to maintain control over authentication and the user experience.”