Business · Companies · 5 hrs ago
JPMorgan blocks outside AI agents from making payments or transfers
JPMorgan Chase will block outside AI agents from making payments or transfers on customers’ accounts.
The US bank’s chief executive, Jamie Dimon, announced the policy during a quarterly earnings call.
Outside agents may view some information, such as account balances, but their access is read-only.
The bank says allowing them to act could create risks for customers and the company, and Dimon said people should understand that responsibility may shift to them when they authorize an agent.
JPMorgan is developing its own agent, called Smart Cash, which could make payments and move money between accounts.
The bank says its approach is to use AI in ways that serve customers safely.
JPMorgan Chase is blocking outside AI agents from logging in to retail customers’ accounts or making payments and transfers on their behalf.
Approved connections can let agents view some information, such as account balances, but this access is read-only.
CEO Jamie Dimon said the bank considers outside agents too risky for clients and the bank.
JPMorgan is developing its own Smart Cash service, which can move money between accounts.
The bank has not given a timeline for allowing outside agents to interact directly with customer accounts.
- Who
- JPMorgan Chase is restricting outside AI agents, including Meta’s Muse.
- What
- The agents cannot log in on customers’ behalf or make transfers and payments. They may access some information through approved connections in read-only mode.
- When
- Dimon described the policy during the bank’s Oct. 13 earnings call.
- Where
- JPMorgan Chase’s retail customer accounts and systems.
- Why
- The bank cited risks to clients and the company, including the possibility of rogue agents.
This story does not have two clearly opposing sides.
Meta described Muse as an assistant designed to work across everyday apps, including booking travel and sending emails.
Amazon began blocking Muse from shopping on its site.
Dimon said on JPMorgan’s earnings call that the bank would not allow outside AI agents to access its internal systems.
- Restricted actions
- Transfers and payments
- Permitted access
- Read-only access to some data, including account balances
- Bank CEO
- Jamie Dimon
- JPMorgan service in development
- Smart Cash
- Stated reason
- Risks to clients and JPMorgan Chase
3 sources
What people are saying
We’re not going to allow just any … outside agent to come in inside the company, because it’s just too risky for clients and for JPMorgan
We do not want uncontrolled ‘rogue agents.’ There could be thousands of them.
If people are using these devices, they should understand the risk. They should understand that there is a transfer of responsibility.
Customer protection is the top priority. Because it is not safe, we do not allow third parties to obtain customers’ credentials, log in on their behalf and access their accounts.