Bank of America has warned customers not to share their online banking usernames and passwords with artificial intelligence agents, citing security risks and potential financial liability. The warning comes as AI-powered assistants increasingly offer to perform tasks on behalf of users, including managing financial information and making purchases.
The bank issued the guidance in an email titled “Protecting Your Finances in the AI World,” urging customers to avoid providing login credentials to external services. A Bank of America spokesperson confirmed the authenticity of the email, which had circulated on social media.
The warning specifically includes AI-enabled tools and agents that request access to banking accounts to act on a customer’s behalf. Bank of America also reminded customers that they may be held responsible for account activity resulting from access they voluntarily provide.
AI Banking Tools Raise Security and Account Access Concerns
Sharing banking credentials with third-party AI assistants can expose customers to several security risks, including unauthorized transactions and potential data breaches. AI agents capable of accessing financial accounts may perform actions without direct user supervision, depending on their permissions and operating instructions.
Banks may also flag automated account activity as suspicious, potentially restricting access while investigating whether an account has been compromised. Security vulnerabilities within an external AI service could expose stored credentials, potentially allowing attackers to access customers’ financial information.
These concerns arise as financial institutions assess how AI agents should interact with existing banking systems. According to Axios, banks are encountering unauthorized AI agents attempting to access customer accounts, complicating efforts to distinguish legitimate automated activity from potential security threats.
Banks Examine AI Agents for Payments and Financial Services
Financial institutions, payment providers and processors are examining ways to support AI agents that can conduct financial transactions on behalf of customers. These services include agentic payments, where automated assistants make purchases based on user instructions, such as selecting products at specified prices or completing transactions at preferred times.
However, questions remain over how banks should authorize AI agents, monitor their activities and determine responsibility when transactions go wrong. Financial institutions are also encountering third-party agents accessing customer accounts without formal authorization from the banks themselves.
Bank of America’s warning distinguishes between the potential benefits of AI-powered financial services and the risks of sharing personal account credentials. The bank has not announced new restrictions on AI tools or introduced a dedicated system for authorizing third-party agents through its customer accounts.
Customers May Be Responsible for Activity Following Credential Sharing
The bank’s email explicitly warns that customers who voluntarily disclose their login credentials may be responsible for resulting account activity. Similar provisions appear in other financial institutions’ account agreements, although applicable consumer protection laws and the circumstances of individual transactions can affect liability.
Bank of America has encouraged customers to keep their credentials private rather than providing them to external AI services. The guidance does not prohibit customers from using AI tools generally, but specifically addresses assistants that request usernames and passwords to access financial accounts.
Featured image credits: Wikimedia Commons
For more stories like it, click the +Follow button at the top of this page to follow us.