Despite AI Boom, Consumers Remain Wary of Using It to Shop
- On Tuesday, banks including NatWest and Bank of America warned that AI-powered shopping agents could increase the risk of scams, fraud, and data-privacy breaches as they set out new principles for developing the technology.
- Technology companies including Google and Meta are promoting AI chatbots as shopping tools, while British retailer John Lewis reported searches from AI agents rose to 2.5% from 0.3% over the past year.
- "Consumers are unclear if AI will act in their interests," the report said. Shoppers worry agents might purchase wrong items, spend excessively, or lose funds to scams without clear protections.
- The report identified risks including AI agents entering card details directly into websites or steering users toward payment methods offering weaker protections. These vulnerabilities underscore urgency for safeguards.
- Banks plan to discuss proposals with policymakers including mandatory disclosure when an AI agent is involved and greater transparency regarding how these systems make decisions.
40 Articles
40 Articles
Banks Sound Alarm on AI Shopping Agents: Fraud Risks Outpace Safeguards
Major banks including Bank of America and NatWest warn that AI shopping agents could spike scams, fraud and privacy risks as the technology outruns current protections. Their new principles paper calls for mandatory disclosures, audit trails and clearer liability rules. Consumers like the convenience but hesitate to hand over payment authority.
Use of artificial intelligence agents for online purchases could increase the risk of scams, frauds and data privacy violations
TikTok user has camera and photos accessed in attack with help of AI The use of artificial intelligence agents (AI) to make purchases over the internet can increase the risks of blows, frauds and privacy problems, according to a group of international banks. The so-called AI agents are systems capable of performing tasks on behalf of the user. In electronic commerce, the idea is that the consumer asks, for example, that a tool find certain produ…
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