Major banks are sounding the alarm over the rise of AI shopping assistants that can search for products and even complete purchases on behalf of consumers. The concerns range from incorrect purchases and scams to exposure of payment data and weaker consumer protections, prompting calls for clearer standards around AI-driven commerce.
AI Agents Could Make Purchases on Your Behalf
The technology, often described as “agentic commerce,” allows an AI system to act on a shopper’s instructions rather than simply providing recommendations. Depending on the design, an agent could search for a product, select an option, and potentially complete the transaction. A group including NatWest, Bank of America, ING, Capital One, ASB Bank, and Commonwealth Bank of Australia has raised concerns about scams, fraud, and misuse of financial data.
The warning comes as technology companies including OpenAI, Google, Anthropic, and Meta develop AI agents capable of assisting with or carrying out shopping tasks. The banks said adoption is outpacing existing industry standards and consumer protections.
UK retailer John Lewis reported that searches originating from AI agents rose to 2.5% this year, up from 0.3% a year earlier, signaling rapid growth in AI-driven shopping.
Card Details and Payment Risks
Financial information is another major concern. The banking group highlighted situations in which AI agents could request customers’ card details and enter them directly into websites. There are also concerns that an AI agent could steer a shopper toward payment methods that provide weaker fraud or purchase protections. If a transaction goes wrong, consumers may not know whether the retailer, payment provider, or AI service is responsible.
Banks Seek Clearer AI Commerce Rules
The participating banks plan to discuss a set of proposals with policymakers. These include requiring businesses to disclose when an AI agent is involved in a transaction and providing greater transparency about how the technology makes purchasing decisions. The group also called for stronger safeguards around customer data, along with freedom for consumers and merchants to choose which AI-powered commerce services they use. Interoperability between different AI shopping systems was another principle included in the framework.
As AI moves from recommending products to acting on shoppers’ behalf, the debate increasingly shifts toward who controls these transactions and who takes responsibility when something goes wrong.
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