Major U.S. Banks Block AI Agents Over Identity Verification Gap

Morgan Stanley, Bank of America, JPMorgan Chase, and Wells Fargo are blocking third-party AI agents from accessing customer accounts because they cannot reliably distinguish an AI agent from a human user. AI agents have been accessing U.S. bank accounts primarily using customers' own usernames and passwords, which makes them indistinguishable from the account holder at login. Banks face an additional problem: they cannot tell whether an agent's activity is directed by the customer or whether the agent is acting independently. Axios reported that some agents have contacted bank call centers or taken actions that appear independent of user instructions.