The debate for AI is an ongoing process with many on both sides of the conversation. We are already seeing AI uses in almost every area of our technology life, and the rapid releases have quite a few on the negative side worried. One of the latest AI problems has been in the use of AI bots with incredibly intelligence, striking bank accounts in corporations that thought they were well-protected. This is a shock to the financial world and should be cause….for a pause.
There has been a major scramble in organisations such as Morgan Stanley, Bank of America, JP Morgan Chase and Wells Fargo to recognise the risks of AI bots and to block the AI agents. It appears that these agent bots are moving beyond what standard account holders are requesting, doing things within a customer account. People are becoming used to AI assistants as a way to make things easier. However, in the case of these AI agents, a user gives the agent their username and password and this sets the whole thing up for a fall. Most banks do not allow for AI assistants to request this personal information, requiring that an account holder login manually. Therefore, the AI agents are breaking the rules.
Financial institutions are worried what kind of actions and power an AI agent can have with account login information; possible moving money or making purchases. In some cases, banks have tracked these agents calling customer service centers. Executives for these financial institutions are horrified at the possibility of these agents making moves that could severely affect the finances of customers. It comes as no surprise that banks are blocking third party AI agents while others are just instituting restrictions.
Banks are advising their customers to never give login and passwords to any AI agent or individual. As an extra step of security a majority of banks are moving toward or allowing account information access that is read-only for the agents so that they can’t take any actions.
Financial institution executives have reported that to date, they haven’t seen any “rogue” AI agents going to extreme situations. However, power given to an extremely intelligent and sophisticate AI processing system, many of which can learn as they go, is opening “Pandora’s Box” for trouble.
Those that are most vulnerable are the individuals that are not very tech-savvy. They often look at AI as an incredible helper, making their lives easier. In these situations they “trust” the technology and feel safe giving an AI agent anything that is requested of them. It’s a high priority to continue to warn everyone that potential financial theft is possible and to never share personal information or data.
“AI agents will become more advanced on an exponential level. As we see this growth in technology we need to be aware of the potential dangers of losing financial information and control. DaVinci Cybersecurity offers advice and counselling to assist in addressing our every-changing tech world.”
– Sharon Knowles, CEO DaVinci Cybersecurity
Frequently asked questions about AI bots and bank account security
Can an AI bot access my South African bank account?
An AI chatbot does not automatically have access to your bank account. The risk arises when you give a third-party AI tool your banking login details or grant it permission to access your account. What the tool can see or do depends on the permissions and security controls in place.
Is it safe to share my banking password, PIN or OTP with an AI assistant?
No. Never share your banking password, PIN or one-time PIN (OTP) with an AI assistant or with anyone who asks for it. If an app or chatbot requests these details, stop and check with your bank through its official app or website. Code of Banking Practice
How can I tell if a message or call from my bank is genuine?
A familiar voice, bank logo or convincing message can be imitated. If someone asks you to share an OTP or approve a banking prompt to reverse a transaction, end the conversation and contact your bank using the number in its official app or on its website. FNB
What should I do if I’ve already shared my banking details with an AI tool?
Contact your bank’s fraud team immediately, even if you haven’t spotted an unfamiliar transaction. Tell them exactly what you shared and whether you approved any prompts. Ask the bank to help secure your profile and check for unauthorised activity. FNB
