US banks block AI agents from customer accounts over credential sharing

Major US banks including JPMorgan, Morgan Stanley, Bank of America and Citi are blocking third-party AI agents that log into customer accounts with shared credentials. Read-only access via Plaid is allowed, but money transfers and bill payments are barred until liability and verification frameworks exist.

• Charles Schwab blocks unauthorized AI agents a double-digit number of times weekly
• 57.1% of firms with $1B+ revenue report incidents involving adversarial bots
• US checking accounts hold about $7.12 trillion, $1.6 trillion of it non-interest-bearing
• A five-layer Know Your Agent verification framework has been proposed