Story perspectives

Banks Push Mandatory AI-Agent Disclosures to Curb Fraud

By Drooid · Sep 22, 2026, 11:01 PM UTC · How we work

Summary

Story summary

NatWest and Bank of America warned AI shopping agents could increase fraud, scams and data-privacy breaches.
A group of banks ING, ASB Bank, Capital One and Commonwealth Bank of Australia issued a report on agentic commerce.
The banks propose mandatory AI-agent purchase disclosure and greater decision-making transparency.
They call for stronger data safeguards and service interoperability.
John Lewis said AI-originated product searches rose from 0.3% to 2.5% in one year.

History

Historical Context

After the EU adopted the GDPR on 14 April 2016 and it took effect on 25 May 2018, regulators began imposing heavy penalties—e.g., France fined Google €50 million on 21 January 2019 for opaque behavioural advertising. That enforcement wave spurred firms such as NatWest, Bank of America and ING to warn that AI-driven shopping agents could amplify fraud, echoing the regulation’s privacy-risk focus.

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Story summary

NatWest and Bank of America warned AI shopping agents could increase fraud, scams and data-privacy breaches.
A group of banks ING, ASB Bank, Capital One and Commonwealth Bank of Australia issued a report on agentic commerce.
The banks propose mandatory AI-agent purchase disclosure and greater decision-making transparency.
They call for stronger data safeguards and service interoperability.
John Lewis said AI-originated product searches rose from 0.3% to 2.5% in one year.

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