Global banks take on agentic commerce scam and fraud concerns

Major global banks are preparing for a shift in how your customers shop by establishing new safety standards for 'agentic commerce.' This term refers to AI agents that can autonomously browse, negotiate, and make purchases on behalf of a human consumer. While this technology promises to streamline the sales funnel, it also opens the door to sophisticated new types of fraud and data theft. Bank of America, NatWest, and other institutions are setting these principles now to ensure that when an AI bot shows up at your digital checkout, the transaction is secure and the payment is authorized. For retailers, this means the future of consumer financing is moving toward 'machine-to-machine' transactions. If you offer BNPL or traditional financing, your systems will eventually need to communicate with these AI shoppers to verify identity and creditworthiness without a human in the loop. The banks are focusing on four pillars: security, privacy, transparency, and accountability. They want to ensure that if an AI agent makes a mistake—like overspending or choosing the wrong financing term—there is a clear protocol for who is liable. As a business operator, staying aligned with these banking standards will be critical for reducing chargebacks and fraud losses as AI-driven shopping becomes more common.

Source: Finextra — Lending

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