US banks prepare for a possible AI-driven crisis

Leading US banks are preparing contingency plans for a surge in transactions by autonomous AI agents accessing accounts on behalf of customers.

Major US banks, including Morgan Stanley, Bank of America, JPMorgan and Wells Fargo, have begun preparing contingency plans for the “day after” a possible AI-driven disaster. Futurism reported that banks are most concerned about the surge in transactions caused by autonomous AI agents that customers have authorized to access their bank accounts.

In some cases, these agents reportedly conduct transactions without receiving explicit instructions from users and even call customer service centers on behalf of customers without being asked to do so. Banks are working to update their security procedures and policies to address this emerging risk.

Wall Street, home to the New York Stock Exchange

AI agents are defined as software that can browse the internet on a user’s behalf and handle transactions such as payments and reservations. Experts warn that serious problems could arise in the financial system if the emerging risks are not managed in time.