Banks warn of risks linked to ai-powered shopping assistants

On September 22, 2026, Reuters reported that banks such as NatWest and Bank of America have raised concerns about the potential for fraud, scams, and data breaches linked to AI-powered shopping assistants. These AI agents are being promoted by tech giants like OpenAI, Anthropic, Google, and Meta to help consumers select and purchase goods. Retailers like John Lewis are already seeing a rise in AI-driven searches, with the share of searches from AI agents increasing from 0.3% to 2.5% over the past year. Banks such as ING, ASB, and Capital One warn that while consumer interest in AI shopping is growing, the technology is advancing faster than consumer protections. The report highlights risks such as AI agents requesting card details and directing users to less secure payment methods. Banks plan to discuss proposals with regulators, including mandatory transparency for AI involvement in transactions and stronger data protection measures.