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The Economic Times
The Economic Times
Technology

Banks warn AI shopping bots raise scam, fraud and data-privacy risks

ING Anthropic Google Meta OpenAI United States

Using AI agents for online shopping could increase the risk of scams, fraud and data-privacy breaches, banks including NatWest and Bank of America said on Tuesday, as they set out principles for developing the technology.

Technology companies including OpenAI, Anthropic, Google and Meta are increasingly promoting AI chatbots as shopping tools, envisioning a future in which shoppers use AI agents to select products and make purchases on their behalf. Retailers, meanwhile, are racing to influence chatbots' recommendations.

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