Banks warn AI shopping bots raise scam, fraud and data-privacy risks

Major financial institutions, including NatWest and Bank of America, issued a joint warning on Tuesday regarding the integration of artificial intelligence agents into online shopping platforms. The banks cautioned that the use of these autonomous bots to select products and execute transactions on behalf of consumers could significantly heighten risks related to scams, financial fraud, and data-privacy breaches.

The warnings come as AI companies actively promote a future where shoppers rely on automated agents to manage their purchasing processes. By highlighting these security vulnerabilities, the banking sector is signaling concerns over the potential for malicious actors to exploit the automated nature of these emerging shopping tools.