AI Agents Are Getting Into Bank Accounts and Banks Are Pushing Back

TLDR

Table of Contents

Major US banks are blocking third-party AI agents from customer accounts, Reuters and Axios report.
Morgan Stanley, JPMorgan, Bank of America and Citi are restricting agent access.
Banks say it is hard to tell if an agent is user-directed or acting alone.
Charles Schwab blocks unauthorized agents but says attempts are few.
Many banks are moving toward read-only access for agents.

Major US banks have started blocking third-party AI agents from working inside customer accounts and making transactions. Two people familiar with the situation told Reuters about the moves on October 22.

MAJOR U.S. BANKS DETECT UNAUTHORIZED AI AGENTS ACCESSING CUSTOMER ACCOUNTS — AXIOS

Major banks, including $JPM, $BAC, $MS and $WFC, are confronting security risks from third-party AI agents accessing customer accounts, according to Axios.

Some agents have reportedly attempted…

— *Walter Bloomberg (@DeItaone) October 22, 2026

The step follows an Axios report that some AI agents were taking actions that appeared to be separate from user instructions. Axios cited people familiar with the matter.

Banks including Morgan Stanley, Bank of America, JPMorgan, Wells Fargo and Citi are working to contain agent risks, sources told Axios. Some are aware of unauthorized access, the people said.

How Agents Are Getting In

Most cases involve an AI assistant that logs in to an account with the user’s permission and credentials. Most banks require people to log in to their own accounts, so this breaks their guidelines.

Some customers have shared their login ID and password with agents. Banks typically flag and block those transactions, a person in the industry said. Even so, a transaction cannot be called unauthorized if the customer shared the credentials.

Banks have also tracked agents that call customer service centers for users. Some agents appeared to act apart from what the user asked, the people said.

One bank executive told Axios the bank has trouble telling agents apart. The executive said it is also hard to know whether a user approved an agent or whether the agent gained access on its own.

What Banks and CEOs Say

Morgan Stanley has blocked third-party agents from its platforms. A person familiar with the matter said the bank has not seen unauthorized or rogue AI agents. A spokesperson said the bank has not observed “rogue AI agents accessing our platforms.”

JPMorgan CEO Jamie Dimon said earlier this month the bank is building tools to handle agents that carry out tasks on their own. “We’re not going to allow just any outside agent to come in inside the company because that’s just too risky for clients and for JPMorgan,” he said.

A Chase spokesperson said customers should not give their usernames and passwords to anyone.

Charles Schwab CEO Richard Wurster said the brokerage is also blocking unauthorized agents. He gets a daily report on how often it has to block one. He said the number is low because people are not using agents that way in their financial lives.

Wurster said Schwab blocks agents to keep control over authentication and the customer experience.

Read-Only Access Is the Next Step

Most banks have approved, or are moving toward, read-only access. This would let agents view financial information without taking action. Banks already give similar access to apps such as Quicken for budgeting.

Executives told Axios they expect customers to want agents in the future. They said they are seeking a middle ground, but the risks of being too open are too high for now.

Sources said money alone may not fix the problem because the technology changes so fast. Banks are also making “day after” plans to secure accounts and restore customer access quickly if the worst happens.

Top banking executives discussed the risks of agents acting for customers earlier this month. Axios published its report on Thursday, and Reuters reported the blocking on October 22.

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