Issue 11
Viewpoint
case · United States
JPMorgan blocks outside AI agents from customer accounts; Schwab also blocks
JPMorgan Chase chief executive Jamie Dimon said on October 12–13 that the bank will not let outside AI agents, including Muse and Instinct, move money or pay bills from customer accounts. Schwab is also blocking unauthorized agents, and reports say liability for an agent's actions could fall on the customer.
Who is affected and how
- retail customer
- Do not give an AI agent access to your account: if you do, every step the agent takes may be your responsibility.
- banking professional
- Identifying and blocking agent traffic, and handling customer consent, should be written into policy.
- fintech company
- A provider offering an outside agent will have no direct entry to large-bank accounts and must negotiate an authorized access route.
supervision · global
Bank regulators in the US and Europe tighten scrutiny of AI risks
US and European bank regulators are stepping up checks on AI risks at the same time, according to reports on October 13. Banks are being asked about their use of Chinese technology and about…
banking professionalCompile an inventory of AI use, including components of Chinese origin, and have a documented shutdown mechanism for every autonomous agent.chief financial officerExpect stricter supervisory scrutiny of substitution and outsourcing risks in AI systems.regulation · globalFSB's final report sets out 12 sound practices for responsible AI adoption
The Financial Stability Board published its final report on October 15, setting out 12 sound practices for the responsible use of AI in finance. According to Reuters, the body calls for stricter…
banking professionalCompare the human-oversight points in your agentic AI processes against the 12 practices.insurerThe practices are also worth using as a reference when deploying AI agents in insurance processes.investment · globalAI financing tightens as issuance falls and default protection gets costlier
Reports say AI-related debt issuance fell sharply in September, data-center bond prices dropped, and credit insurance on the large cloud providers became more expensive. Central bankers are weighing…
chief financial officerReview AI-linked loan and bond exposure and expect more expensive refinancing.banking professionalTreat AI-infrastructure customers separately within credit risk limits.insurerThe rising cost of credit insurance is a risk-pricing signal for the cloud giants; build it into portfolio analysis.supervision · globalIMF stability report flags AI market correction, rising yields and cyber risk
The IMF's Global Financial Stability Report, published on October 13, says the resilience of financial markets is no guarantee of safety. An AI-driven market correction, rising yields and cyber…
chief financial officerRun a stress scenario for an AI correction and higher yields in funding and investment plans.banking professionalCheck AI-related credit and market exposure.insurerReview the concentration of AI-linked assets in investment portfolios.Hungary
fraudErste says it saved HUF 6 billion from fraud, with 21,000 attemptsretail customerIf you get a phone call or an urgent message, call the bank back on its official number, and do not share your photos with a suspicious contact.banking professionalThe figures show that transaction monitoring and customer education together deliver measurable savings.fraudHungarian experts: scammers use AI and psychological pressure to drain bank accountsretail customerDo not trust a "bank" that appears in a video call or message; verify the caller through another channel before you transfer money.banking professionalIn customer communication, it is worth repeating call-verification and call-back procedures continuously.deploymentK&H press briefing covers AI portfolio management and ETFsretail customerAI-supported investing is becoming available at a Hungarian bank too, but responsibility for the decision stays with you.banking professionalETFs and AI support now appear together in the retail investment offering.fraudOTP Bank launches film series and expert warning against AI-driven fraudretail customerProtection now depends on recognising manipulation attempts, not only on technology.banking professionalCustomer education and communication against social engineering are a key element alongside technical defences.surveyEOS Banking AI Barometer: AI lives up to expectations at banksbanking professionalThe barometer is a benchmark for comparing Hungarian and regional AI use in banking.chief financial officerThe findings may help in assessing the return on AI investments.regulationHungarian experts call for AI and robot tax as IMF warns of lost tax revenueaccountantThe tax debate may affect how automated work is accounted for; it is worth following the proposals.chief financial officerThe debate concerns the cost and tax effects of labour replaced by AI.deploymentMBH's BUPA launches AI pre-screening to help Hungarian SMEs find fundingbanking professionalPre-screening automates the early stage of the SME lending process.chief financial officerFor an SME, it is a tool for screening grant and bank financing options.surveyGránit Bank survey: customers open to AI-based financial helpbanking professionalCustomer demand provides a basis for introducing AI assistant features.fintech companyHungarian customers' openness points to a market gap for AI-based financial tools.caseIn Slovakia, AI writes bank complaints, winning customers over half a million eurosbanking professionalIn complaint handling, expect AI-written submissions that are legally more precise.retail customerA complaint better worded with AI help can succeed through the supervisory route as well.
More key stories of the week
investment · United States
Big banks acknowledge AI financing risks but keep lending to the boom
According to one report, large US banks are financing AI investments despite an exposure of about $800 billion, while risks grow on both sides. JPMorgan and Goldman Sachs, however, are cautious about…
banking professionalIn syndicating AI loans, the large banks' caution can serve as a benchmark for pricing and risk-taking decisions.chief financial officerFor loans raised for AI infrastructure, expect high yields and narrowing investor appetite.survey · globalChainalysis: AI agents made 138 million crypto payments in a year, most of them tiny
According to a Chainalysis report, payments made over Coinbase's x402 protocol grew from about 1,500 in mid-2025 to more than 138 million by the third quarter of 2026. Most payments are small, and…
fintech companyMachine-to-machine micropayments point to a real market, running on stablecoin rails.chief financial officerWhen buying agent services, plan for stablecoin payouts and a control system.fraud · globalBanks seek customer trust against AI voice cloning as SBI warns and call protection spreads
The State Bank of India (SBI) warned on 17 October about AI voice-cloning scams and recommended five ways to protect against them. A trade article says banks must call customers in a way that…
retail customerDo not transfer money at the request of an unknown voice; call the bank back on its official number.banking professionalCustomer calls must be made verifiable and recognisable.supervision · globalFSB chair names AI and stablecoins as priorities for the G20
The FSB chair set out the board's work on AI and stablecoins for the G20 on October 12, led by Andrew Bailey according to reports. Bailey also warned of cyber threats to the banking system, referring…
fintech companyProviders of stablecoin-based and AI-agent services should prepare for tighter compliance expectations.oversight · AsiaPing An Digital Bank reaches 96% deepfake detection accuracy in HKMA GenAI sandbox
Ping An Digital Bank said on 16 October that it detected deepfakes with 96% accuracy in the Hong Kong Monetary Authority's (HKMA) GenAI sandbox. The Hong Kong banking association welcomed the HKMA's…
banking professionalThe sandbox result is a benchmark for the accuracy of deepfake-detection systems.survey · globalReport: AI could free up 40% of banks' middle and back-office capacity by 2030
A report dated 14 October says AI could free up 40% of banks' middle and back-office capacity by 2030. Banks are competing with big tech for AI-skilled staff, and Bloomberg reports that junior…
banking professionalEntry-level tasks are shifting toward supervising AI agents, so it is worth building skills for that.chief financial officerWhen planning for freed-up capacity, factor in the pay competition for AI talent.survey · globalCFO surveys: AI use is growing, but returns and trust remain uncertain
A OneStream index finds that finance is scaling AI faster than it can trust the results, while Tipalti says AI adoption has tripled but teams are unprepared. Another report says half of CFOs consider…
chief financial officerBefore starting AI projects, set return metrics and checkpoints.accountantVerifying AI-generated financial results may become the next skill requirement.case · globalAI agents challenge payment intent verification and fraud liability
Between 12 and 15 October, several analyses warned that software buying on a person's behalf blurs the line between fraud and consent. Mastercard is preparing for "rogue" agents going on spending…
banking professionalDevelop intent and consent checks for transactions made by agents acting on a customer's behalf.chief financial officerWhen granting agents payment authority, account for the costs of identity verification, oversight and liability.fintech companyBuild verifiable intent capture and spending limits into your payment product.supervision · United KingdomFCA to automate supervision with AI, with no new rules for chatbots
The UK's Financial Conduct Authority (FCA) said on October 14–15 that it will automate supervision with AI and, for now, will not create new rules for chatbots. The AI Live Testing service launched…
banking professionalCompliance is judged under existing rules rather than new chatbot rules, so it is worth documenting internal controls.fintech companyAI Live Testing remains a way to trial AI products.regulation · United StatesAICPA issues practice aid on using AI in financial statement audits
The AICPA published a practice aid on October 13 for auditors on using AI in financial statement audits. The document gives guidance on AI-assisted auditing.
accountantBefore using an AI tool in audit work, compare your process with the AICPA practice aid.chief financial officerExpect your auditor to use AI, and ask about controls.case · globalInsurers weigh AI exclusions as Marsh chief warns of uncertainty
On 15–16 October, specialty insurers weighed AI liability risks and resisted exclusions, while Marsh's chief executive said broad AI exclusions in policies could create uncertainty. Insurance has…
insurerThe wording of AI exclusions determines which losses are covered, so clarify the terms.chief financial officerCheck whether your company's insurance contains an AI exclusion.deployment · United StatesAmerican Express publishes its standard for AI agent payments
On 14–15 October, American Express opened up its rules for AI agent payments. According to reports, the standard declines unauthorised AI purchases before checkout is completed.
fintech companyIf you build an agent payment product and expect card acceptance, align with the AmEx standard.banking professionalPre-payment agent verification offers a model for reshaping fraud screening.In brief
oversightG7 to test banking system defences with AI-assisted cyberattack simulationsbanking professionalExpect your incident response and business continuity plans to be tested against AI-driven attack scenarios.caseAI-driven cyberattacks hit four South Korean banks; financial regulator orders bank-wide checksbanking professionalReview access and vulnerability-management processes on the assumption that attackers are AI-assisted.regulationSingapore regulator sets AI rules for banks and insurersbanking professionalAt banks with a presence in Singapore, check alignment with the new AI rules.insurerThe new rules also apply to the use of AI by Singapore insurers.regulationReport finds banks may face liability over use of AI chatbotsbanking professionalA bank may be liable for the answers of a chatbot on a customer-facing channel, so supervise and log them.fraudItalian bank loses $108M to AI messaging fraudbanking professionalIn the approval chain for large transfers, check controls against impersonation by messaging.toolCoinbase test: newer AI models missed more payment fraud casesbanking professionalDo not assume a newer model is more accurate in fraud screening: retest whenever you switch models.fintech companyRun fraud-detection regression tests before model updates.oversightFCA to review suitability tests for complex products as AI simplifies questionnairesbanking professionalWhen selling complex products, it is worth building in additional checks.retail customerGaming the questionnaire offers no protection and may lead to stricter checks.regulationEBA, ESMA and EIOPA put AI and tokenisation in 2027 joint work programmefintech companyFor tokenisation and AI products, expect EU supervisory guidance.insurerEIOPA is also involved in the AI work.toolFIS launches agentic AI suite for CFOs with cash flow forecastingchief financial officerEvaluate the cash flow forecasting module as a complement to liquidity planning.fintech companyFIS's move strengthens competition in the market for agentic financial planning.deploymentStablecoin rails for AI agents: moves by a Stripe company, Tether and Oobitfintech companyCompetition in agent payment infrastructure is accelerating; consider partnerships.deploymentSuperbank turns to AI to look beyond credit scoresbanking professionalFor AI credit scoring based on alternative data, document the model's explainability.fintech companySupplementing score-based assessment with AI can be a competitive advantage.surveyFICO survey: 77% of Asia-Pacific banking leaders want purpose-built AIbanking professionalFraud detection is the primary banking use case for AI, with data privacy the main brake.fraudMalaysian and Hong Kong authorities warn of AI-driven deepfake investment scamsretail customerAccept investment offers only through verified channels; a video of a celebrity is not proof.investmentCarbonAI raises $12M and Matters $5M for AI lending and AI-native bankingfintech companyCapital is flowing toward AI-based lending and AI-native banking models.banking professionalIn commercial real estate lending, expect new AI tools.deploymentSBS and NVIDIA launch sovereign AI foundation for core banking securitybanking professionalA solution with sovereign data handling is available for core banking AI and is worth examining.oversightCentral bankers urge collaboration as AI reshapes inflation, jobs and financial stabilitychief financial officerIn interest-rate and inflation scenarios, allow for the uncertainty caused by AI.investmentAnthropic's first credit rating revealed as BB+, with $60 billion financing loomingchief financial officerAI labs' credit ratings give a benchmark for assessing dependence on AI providers and counterparty risk.banking professionalWhen lending to AI companies, the rating is one input to risk pricing.surveyVisa survey: consumers trust AI to shop, but not to payfintech companyDesign the agent shopping experience so that payment approval stays with the customer.banking professionalExpect agent-initiated payments to appear during the holiday season.toolGoogle adds Gemini-based scam protection to Android and Singaporeretail customerTurn on the optional scam protection so your phone can warn you before anyone asks for money.banking professionalPlatform-level protection may reduce the number of scams, but it does not replace the bank's own controls.surveyReport: deepfake fraud market reaches $40 billionbanking professionalThe scale justifies building deepfake detection into authentication processes.deploymentHMRC awards Salesforce 15-year contract to bring AI into tax servicesaccountantIn dealings with HMRC, expect AI-supported customer service processes.chief financial officerTax authority digitalisation may also affect tax compliance processes.caseGovernment turns to AI to track wealthy taxpayers and their assetsaccountantFor clients with substantial assets, expect a need for more precise record-keeping and data reporting.chief financial officerAI-based tax auditing increases the likelihood that discrepancies will be detected.investmentHarbor emerges from stealth with $10M seed round to insure AI agentsinsurerA new product category is emerging for agentic AI risks.chief financial officerA company deploying agents should consider risk transfer.deploymentColony Bank uses generative AI to cut days from SBA loan approvalsbanking professionalDocument processing in credit underwriting is one area where AI pays back quickly.caseOpenAI discloses four more incidents involving financial, medical and government databanking professionalIncident reports from AI providers should be built into third-party risk monitoring.investmentAI-powered stock funds: FinQ's two funds beat the S&Pretail customerA short period's result does not prove a lasting advantage; examine the costs and the risk.fintech companyAI-powered funds compete with traditional fund managers.toolSelf Labs launches Agent Vault as banks lock AI agents out of accountsfintech companyA product category for managing agent access has emerged, responding to banks' bans.toolApate.ai uses AI agents to trap scammers, learning from 2.5 million conversationsbanking professionalData from scammer conversations can be used to train fraud-detection models.deploymentDeutsche Bank launches its own AI platform for its investment businessbanking professionalLarge banks are building their own AI platforms into investment processes.