AI-powered shopping agents are gaining traction as technology companies explore tools that can search for products, compare options and complete purchases on behalf of consumers. But banks are warning that the growing use of these systems could also create new opportunities for scams, fraud and data theft.
A group of banks, including NatWest, Bank of America, ING, Capital One, ASB Bank and Commonwealth Bank of Australia, raised concerns about the risks linked to what is being described as “agentic commerce”.
These AI agents can potentially handle several steps of an online purchase, from finding a product to making the payment. While this could make online shopping more convenient, banks say consumers may not always know how an AI agent reached a decision or what information it shared during a transaction.
The concerns were outlined in a report published on September 22, as the banks called for stronger safeguards around the emerging technology.
One of the major concerns is the way AI agents may interact with payment systems and websites.
The report warned that an AI agent could potentially request or handle sensitive card information while completing a purchase. Consumers could also be directed towards payment methods that provide fewer protections if something goes wrong.
This could create additional opportunities for fraudsters, particularly if consumers are unable to clearly determine whether they are interacting with a legitimate retailer, payment service or AI-powered intermediary.
The banks also highlighted a broader concern: consumers may not know who is responsible when an AI-assisted transaction goes wrong.
Consumers May Not Know How AI Made Decisions
AI shopping agents are being developed to act with greater independence. Instead of simply answering a user’s question, they can potentially search websites, assess products and carry out transactions.
That raises questions about how much control consumers should retain over purchases.
The banking group said consumers could be concerned about AI agents purchasing an incorrect product, spending more than intended or making decisions that do not necessarily reflect the customer’s interests.
Data privacy is another concern, as these systems may require access to personal, financial or shopping information to perform tasks.
The shift towards AI-assisted shopping is already visible in the retail sector.
British retailer John Lewis said in September that searches originating from AI agents had increased to 2.5%, compared with 0.3% a year earlier.
Technology companies including OpenAI, Anthropic, Google and Meta are also developing AI tools that can assist consumers with shopping and other online tasks.
As more retailers try to make their products visible to AI systems, the banks expect agentic commerce to become an increasingly important part of online shopping.
Banks Seek Greater Transparency And Consumer Protection
The banking group plans to discuss several proposals with policymakers to address the emerging risks.
Among the measures being considered are clearer disclosure when an AI agent is involved in a transaction and greater transparency about how these systems make decisions.
The banks also called for stronger safeguards around customer data and argued that consumers and businesses should retain the freedom to choose which AI-powered shopping services they use.
They further stressed the importance of interoperability between different AI systems so that consumers are not locked into a particular platform.
As AI agents move from recommending products to actually making purchases, the banks’ concerns highlight the need for security and consumer-protection standards to develop alongside the technology.
