AI shopping assistants are being positioned as a faster way to search for products, compare options, and complete purchases, but major banks warn that handing more control to these systems could create new risks for consumers. 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.
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 how the system is designed, an agent could search for a product, select an option, and potentially complete the transaction.
The banks said consumers want this convenience but remain uncertain about how much control they should give AI systems. Concerns include an agent buying the wrong product, spending more than expected, or directing a customer toward an unsuitable seller.
AI-driven shopping growth is already becoming visible. UK retailer John Lewis reported that searches originating from AI agents rose to 2.5% this year, up from 0.3% a year earlier.
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. The banks therefore argue that clearer rules are needed as autonomous shopping becomes more widespread.
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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 is increasingly shifting toward who controls these transactions and who takes responsibility when something goes wrong.