Banks Say AI Shopping Agents Could Raise Scam, Fraud and Data-Privacy Risks

• Payment vulnerabilities: Agents may request card details and enter them directly on websites, or steer users toward payment methods that offer less consumer protection.
• Wrong purchases and overspending: Consumers worry agents will select unsuitable items or spend beyond intended budgets.
• Data-privacy breaches: Agents handling payment credentials or sensitive preferences could expose personal data if safeguards are weak.
• Dispute and resolution uncertainty: Customers are unclear who to hold responsible when an agent acts improperly—developers, merchants, payment providers or the consumer.

The banks reported customers are enthusiastic about the convenience of agentic commerce but feel uncertain whether AI will act in their interests. The report quotes customer concerns that agents could buy the wrong item, overspend, or lead to money being lost to scams or fraud. Consumers are unsure what protections apply and whom to approach if something goes wrong.

Proposals the banks want discussed with policymakers

• Mandatory disclosure when an AI agent is involved in a transaction, so consumers know they are interacting with an automated agent.
• Greater transparency about how agent decisions are made, to enable assessment of bias, influence and why a product or payment route was chosen.
• Safeguards to protect customer payment data and other personal information handled by agents.
• Preserving consumer and merchant freedom to choose which AI commerce services they use, preventing forced or opaque routing through specific agent systems.
• Interoperability between different agent systems so consumers and merchants can switch services without losing protections or functionality.

Retailers and tech firms are actively pushing agentic shopping features. With early signs of increasing agent-originated queries and purchases, the banks argue industry standards and consumer protections must keep pace. Without clearer rules and technical safeguards, the shift could increase fraud, disputes and data exposures while leaving consumers uncertain about recourse.

Policymaker responses to the banks' proposals, any industry agreements on disclosure and data protections, and whether retailers or payment providers change interfaces to limit agents entering card details or to enforce stronger payment protections.