US Banks Block Meta's 'Muse' AI Agent from Accessing Customer Accounts

Major US banks have restricted Meta's personal AI agent 'Muse' and similar services from accessing customer accounts and transferring funds. Banks cite unresolved security concerns and issues over liability for accidents as reasons for the restrictions. Observers note that AI agents could disrupt banks' revenue structures by moving low-interest deposits to other financial products. Bloomberg and the Financial Times reported on October 16 that Citigroup and Charles Schwab, among other financial firms, are blocking or limiting external AI agents from accessing customer accounts. Citigroup stated that it does not allow external AI agents or virtual assistants to log into customer accounts or conduct transactions on its digital banking platform, citing measures to protect customer accounts and financial information. Bank of America is restricting AI agent access to deposits during the process of establishing procedures for assigning responsibility in case of problems with AI-executed transactions. Brian Moynihan, CEO, emphasized in a CNBC interview that human approval is required when money is withdrawn from an account. He explained that the bank is discussing with agent companies to prevent situations where customers later complain to the bank about not knowing where or why their money was moved.

Charles Schwab has reportedly blocked attempts by unapproved AI agents, including Muse, from moving customer funds, although the current scale of such attempts is not significant. Rick Wuster, CEO, noted that only a small number of customers have attempted to access accounts through AI. JPMorgan Chase also stated that it blocks direct account access by external agents. Jamie Dimon, CEO, said during an earnings call on October 13 that indiscriminately accepting external agents poses risks to both customers and banks. Jeremy Barnum, CFO, mentioned that some services operate by sharing customer login information, adding that banks have long opposed such methods and 'screen scraping,' which involves logging into financial websites on behalf of customers to read and collect displayed information. This action does not necessarily mean the complete discontinuation of previously allowed AI financial services. JPMorgan has consistently raised concerns about external services accessing accounts through shared passwords and is now applying the same security principles to autonomous AI agents. JPMorgan distinguishes between account information inquiries and direct transactions. While read-only access to some account information is possible through approved financial information connection services like 'Plaid,' direct access by external agents using customer login information to transfer funds is restricted.