Several major banks, including NatWest, Bank of America, ING, New Zealand's ASB Bank, U.S. lender Capital One, and Australia's Commonwealth Bank, have issued warnings about growing risks related to the use of AI agents for online shopping. These risks include scams, fraud, and potential data privacy breaches. The banks highlighted specific dangers, such as AI agents asking for payment card details and then submitting them directly to websites, or directing consumers to payment methods with weaker security protections. As AI becomes more integrated into daily life, these concerns are growing alongside the technology’s rapid development. Technology companies like OpenAI, Anthropic, Google, and Meta are promoting AI chatbots as digital shopping assistants. These tools are designed to help consumers find products, compare prices, and even complete purchases without human intervention. The vision is of a future where AI agents handle shopping tasks automatically, curating items and managing transactions on behalf of users. Retailers are also trying to influence the recommendations these AI tools make, aiming to boost their own sales and visibility. British retailer John Lewis reported in September that search traffic coming from AI agents had risen significantly—from 0.3% to 2.5% of total traffic over the past year. This trend is expected to continue as more consumers begin to rely on AI for shopping. Despite these concerns, customers remain excited about the potential of AI-driven commerce and are eager to adopt these tools. However, the banks warn that the technology is developing faster than current consumer protections and industry standards can keep up with. The report from the banks suggests that consumers are unsure whether AI agents will act in their best interests. They are worried about the possibility of purchasing the wrong items, overspending, or falling victim to scams and fraud. There is also uncertainty about who would be responsible if something goes wrong and how consumers would be protected. In response, the banks plan to propose a set of measures to policymakers, including requiring clear disclosures when AI is involved in a transaction, increasing transparency around how AI makes decisions, and implementing stronger safeguards for customer data. The report also emphasizes that shoppers and merchants should have the freedom to choose which AI-powered e-commerce services they use, while ensuring different systems can work together seamlessly.