Big US banks block AI bots from customer accounts
Big US banks like Citigroup and Bank of America are now blocking AI bots from getting into customer accounts.
This comes after Amazon set a similar example, and JPMorgan Chase says it's planning to do the same.
Banks are worried that AIs could trigger unauthorized transactions or move money around in ways that could mess with their funding, putting billions of dollars at risk.
Banks fear AI could shift deposits
Banks fear smart AI tools (like Meta's Muse) could shift customers' cash from regular accounts to higher-yield options, which could cost banks a lot in interest.
Regulators have largely welcomed the banks' restrictive guardrails, while Bank of America CEO Brian Moynihan said, "We feel very strongly that there should be a human involved in authorizing before money moves out of your account."
While this might slow down how fast banks roll out new tech, it's all about keeping your money safe and making sure someone is accountable if things go wrong.