Major financial institutions clamp down on automated software logging into personal accounts

Major US lenders including JPMorgan Chase, Bank of America, Morgan Stanley, Citigroup, and Wells Fargo are moving quickly to block or limit third-party artificial intelligence agents. The crackdown follows detections that automated tools are accessing customer accounts and, in some instances, attempting actions beyond what users authorized, such as moving money, purchasing items, or contacting call centers. [1][2]

The issue stems from consumers voluntarily handing over their usernames and passwords to automated assistants like Muse to manage workflows. Financial institutions say this breaches standard policies that require human account holders to log in directly. Because banks struggle to distinguish between normal user sessions and automated activity, several firms are restricting software to read-only access or preparing rapid account shutdowns. Charles Schwab chief executive Richard Wurster noted he now reviews daily logs tracking how frequently the firm blocks outside agents. [1][2]

The push reflects mounting anxiety over financial liability and fraud. JPMorgan Chase chief executive Jamie Dimon recently cautioned that thousands of autonomous tools could operate across financial platforms. Furthermore, customers face severe risks if transactions go awry: because users voluntarily supply their credentials, banks are unlikely to be held legally liable for restitution under regulations like the US Electronic Fund Transfer Act. [1][2]