Bank of America warns customers against sharing passwords with AI

The risks of handing over access

An assistant with banking credentials could use them to move money without the customer’s knowledge. The bank might also interpret the access as an attempted intrusion and block the account. If the assistant itself has a vulnerability, financial data could leak and give financially motivated hackers a way into the account.

Banks are exploring agent payments

The warning comes as banks consider how AI agents might fit into financial services. Reports say they are already encountering cases where outside agents gain access to customers’ money.

At TechCrunch Disrupt, banks, payment services and payment processors discussed how customers might access bank accounts through AI tools. One proposed use is agentic payments: a customer asks an agent to buy something independently, at the best price or at a suitable time.

Delegation does not settle responsibility

A Bank of America representative confirmed that a letter posted on social media was authentic. The letter says customers are responsible for actions taken with credentials they share. Most banks’ agreements place responsibility on the customer when they give a third party access to an account.

I think the tension is not simply whether an agent can make a payment. It is whether customers can delegate that power without also taking on the consequences when an agent acts unexpectedly. The announcement offers no account of how banks would distinguish authorized agent activity from a compromised account.