Bank of America CorpBank of America is part of the bank coalition warning that AI shopping agents outpace fraud protections and pushing for new consumer-protection rules.
A coalition of major banks warned on Tuesday that AI-powered shopping agents are creating new risks for consumers around scams, fraud, and data privacy, and that the technology is moving faster than existing industry standards and consumer protections can keep pace. The group includes NatWest, Bank of America, ING, Capital One, New Zealand's ASB Bank, and Commonwealth Bank of Australia, and it published a report laying out principles for how agentic commerce, in which AI tools select and purchase goods on a shopper's behalf, should be developed. The report flagged vulnerabilities including AI agents that collect card details from customers and submit them on third-party sites, the risk that agents might favor payment options with fewer consumer safeguards, and the possibility that bad actors could impersonate AI agents and merchants or deploy new social engineering methods. The banks said they plan to bring several proposals to policymakers, including mandating that consumers be told when an AI agent is part of a transaction, clearer insight into how those agents reach decisions, and measures to keep customer data secure. The warning comes as OpenAI, Anthropic, Google, and Meta promote AI chatbots as shopping tools, and British retailer John Lewis said searches from AI agents had risen to 2.5% of its total from 0.3% a year earlier.
Bank of America CorpBank of America is part of the bank coalition warning that AI shopping agents outpace fraud protections and pushing for new consumer-protection rules.
Capital One Financial CorporationCapital One joined the coalition flagging fraud, scam, and data-privacy risks from AI shopping agents and proposing regulatory safeguards.
ING Groep NVING is part of the coalition raising fraud and data-privacy concerns over AI shopping agents and proposing new rules for policymakers.
NatWest Group PLCNatWest is a member of the bank group warning that agentic commerce is outpacing existing consumer protections and calling for policy measures.
ING Group NV ADR
Alphabet Inc Class C
Meta Platforms Inc.Commonwealth Bank of Australia is among the banks warning that AI shopping agents create new fraud and privacy risks beyond current protections.
ASB Bank is part of the bank coalition warning about AI shopping agent fraud risks and proposing new consumer-protection rules.
John Lewis cited as seeing AI-agent searches rise to 2.5% of total, showing growing agent-driven shopping traffic but also exposure to the flagged fraud risks.