Bank of America Advises Against Sharing Passwords with AI Agents

Faced with the rise of AI agents, American banks are taking action: JPMorgan is blocking certain tools, while Bank of America is advising its clients not to share their credentials. Meanwhile, agents like Muse are experiencing significant growth and collecting vast amounts of data.

JPMorgan Blocks AI Agents After Unauthorized Access

Recent incidents have seen AI agents gain unauthorized access to bank accounts and act independently of user instructions, according to a source. This situation has prompted a response from major American banks. JPMorgan has blocked Muse and the Instinct agent to prevent their access to bank accounts. Jamie Dimon, CEO of JPMorgan, stated during an earnings call that the bank would not allow any external agents to enter the company, deeming the risk too significant for both clients and JPMorgan.

Bank of America Advises Clients to Keep Their Passwords Secure

Bank of America, the second-largest bank in the United States, has advised its clients not to share their banking credentials with AI agents. In an email titled "Protecting Your Finances in the Age of AI," the bank emphasizes the importance of not disclosing passwords to these tools. This recommendation is part of a broader trend, with several major American banks like Citi, Morgan Stanley, and Wells Fargo also limiting third-party AI agents' access to their services.

Powerful and Intrusive Agents, Muse Claims 10 Million Users

AI agents such as Muse (Meta), Claude (Anthropic), and Dots (OpenAI) act on behalf of users across various applications, making purchases, sending messages, or managing tasks. Their use carries risks for the security of bank accounts, particularly if a financial decision is made on behalf of the user or in the event of a data breach. Despite their rapid adoption, these agents raise significant privacy concerns. Muse, for instance, requests access to contacts, calendars, emails, credentials, and passwords during setup. Muse can also collect photos, videos, financial information, health data, browsing histories, audio, and application performance, according to an expert. Its privacy policy indicates that this information may be exploited or shared. Since its launch in September, Muse has amassed over 10 million users in just 40 days.