Artificial intelligence is quickly moving beyond helping people find products online. A new generation of AI shopping agents can search for items, compare choices and even make purchases for shoppers — and some of the world’s largest banks are warning that consumer protections may not be keeping pace.
Bank of America, Capital One, NatWest, ING, ASB Bank and Commonwealth Bank of Australia are among the financial institutions calling for stronger safeguards as AI-powered shopping expands. Their concerns include an AI buying the wrong product, spending more than a customer intended, exposing payment information or using a payment method that offers fewer protections if something goes wrong.
The technology is a significant step beyond today’s familiar AI shopping tools. Instead of simply asking a chatbot to recommend a pair of shoes or find a good price on a television, shoppers could give an AI agent permission to take additional steps for them. That could include choosing a product that matches the shopper’s instructions and completing the purchase.
The shift is already beginning. British retailer John Lewis says traffic reaching its website through AI agents increased from 0.3% to 2.5% over the past year. Major payment companies are also preparing for AI-driven purchases, with Visa, Mastercard and Ant International working on common standards for identifying and verifying AI agents involved in transactions.
Banks are calling for clearer rules before this type of shopping becomes commonplace. They want consumers to know when an AI agent is involved in a transaction and to have more information about how agents make purchasing decisions. They are also seeking stronger protections for personal and payment information, along with safeguards that preserve people’s ability to choose which AI shopping services they use.
The Readovia Lens
AI shopping agents could make buying things online much easier, but giving artificial intelligence permission to spend your money is very different from asking it for a recommendation. As this technology moves closer to everyday use, consumers will need clear protections covering mistakes, fraud, refunds and payment security.
