Banks are raising concerns about the growing use of AI-powered shopping agents, warning that the technology could create new opportunities for scams, fraud and data privacy breaches as consumers increasingly allow software to shop on their behalf.
Banks including NatWest, Bank of America, ING, ASB Bank, Capital One and Commonwealth Bank of Australia have highlighted potential risks associated with so-called ‘agentic commerce’. The technology is moving beyond helping consumers compare products, with AI systems increasingly being developed to make purchasing decisions and complete transactions.
Shopping agents can search for products, compare options, and potentially complete purchases based on user instructions. That could make online shopping more convenient, but it also raises questions about responsibility when something goes wrong.
According to the banks, AI agents could make incorrect purchases or be manipulated by fraudulent sellers. There are also concerns that an agent could mishandle sensitive payment information or direct a consumer to a payment method with weaker protections.
The banks' warning comes as major technology companies, including OpenAI, Google, Meta and Anthropic, develop AI tools designed to assist consumers with online shopping and other everyday tasks.
The financial sector is also worried about how much information shopping agents could collect while operating on behalf of consumers. An AI agent may need access to details about a user's preferences, purchase history, payment information, and online accounts. If those systems are poorly secured or share information unexpectedly, consumers could face additional privacy risks.
Banks are therefore calling for stronger safeguards around the way AI agents handle personal and financial information. The concerns come as regulators and financial institutions are already examining how autonomous AI systems should be controlled when they interact with financial services.
The banks are calling for discussions around potential rules governing agentic commerce. Among their proposals is a requirement for businesses to clearly disclose when AI is involved in a transaction.
They also want greater transparency around how AI agents make decisions, along with stronger measures to protect customer data. The banking sector also highlighted the need to give consumers and merchants more freedom to choose which AI services they use.
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The banking industry's concerns come at an early stage of the shift toward AI-led shopping. While consumers may welcome tools that reduce time spent searching and comparing products, allowing software to act independently raises questions about authorization, accountability, and fraud protection.
Industry discussions are therefore likely to focus on establishing common standards that allow AI shopping tools to develop without weakening existing protections for consumers and payments.