Banks are warning that using artificial intelligence (AI) agents for online shopping could increase the risk of scams, fraud and data privacy breaches affecting consumers.

The warning was issued in a report by a group of banks including Bank of America, Capital One, the UK’s NatWest, New Zealand’s ASB Bank, and Commonwealth Bank of Australia and cautioned that despite enthusiasm about the potential for AI shopping agents, the tech risks outpacing consumer protections and industry standards.

“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…

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