The growing use of AI agents for online shopping is raising concerns among banks, which warn that the technology could increase exposure to scams, fraud and data-privacy breaches.
Banks including NatWest and Bank of America outlined principles for developing agentic commerce on Tuesday. The group also includes ING, New Zealand’s ASB Bank, US lender Capital One and Commonwealth Bank of Australia.
Technology companies such as OpenAI, Anthropic, Google and Meta are increasingly promoting AI chatbots as shopping assistants. The technology could allow AI agents to select products and complete purchases for users, while retailers are competing to influence chatbot recommendations.
British retailer John Lewis said in September that searches coming from AI agents had increased to 2.5% from 0.3% a year earlier, with the trend continuing to accelerate.
The banks said customers are interested in agentic commerce and are keen to use the technology. However, they warned that its development is moving faster than industry standards and consumer protections.
“Consumers are unclear if AI will act in their interests,” the report said.
“They are concerned that AI agents may buy the wrong thing or spend too much – or even worse, lose their money to scams and fraud. They are not sure whether they will be protected or who they will need to go to if things go wrong.”
The report identified several potential risks. AI agents could ask customers for card details and enter them directly on websites. They could also direct users towards payment methods that provide weaker consumer protection.
The banks plan to discuss proposals with policymakers. These include requiring businesses to disclose when an AI agent is involved in a transaction, improving transparency around how agents make decisions and strengthening safeguards for customer data.
The report also said consumers and merchants should be able to choose which AI-powered e-commerce services they use. It called for different AI shopping systems to be interoperable.
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