JPMorgan Tightens AI Access, Expands JPM Coin

JPMorgan Chase has moved to block external artificial intelligence agents from operating on behalf of retail customers, while also extending its JPM Coin payment system to the Ethereum (ETHUSD) mainnet for institutional clients. The dual steps tighten controls over how third-party software interacts with customer accounts and expand how institutional users can move tokenized deposits on a public blockchain.

Major US banks, including JPMorgan Chase, Bank of America, Wells Fargo and Morgan Stanley, have identified automated AI systems working inside customer accounts after being given login credentials by users. In some cases, these agents have attempted account-related actions that appeared to go beyond users’ instructions, prompting banks to restrict such access. Bank executives have raised serious concerns about agents gaining entry to accounts and taking steps that could affect customers’ finances, even when customers voluntarily share their usernames and passwords.

Reports describe AI agents contacting bank call centers and attempting to perform account-related tasks without clear evidence of matching customer directions. While the incidents have not established widespread unauthorized fund transfers or quantified customer losses, the situation has led banks to move quickly to contain potential risks. Morgan Stanley (MS) has begun blocking third-party AI agents from its platforms, and JPMorgan, Bank of America and Citi are also restricting them.

JPMorgan has confirmed it is blocking external AI agents from operating on behalf of retail customers. The bank does not allow third parties to log into customer accounts using collected or shared banking credentials, even if customers have provided those details to an AI assistant. A Chase spokesperson has stated that customers should not give their usernames and passwords to anyone.

Chief Executive Jamie Dimon has said the bank will not allow outside agents to enter its systems because of the risks posed to clients and to JPMorgan, warning that there could be thousands of such "rogue agents." The bank bars outside parties from gaining account access by collecting customer login credentials and using them to sign in, although AI agents can still pull limited information such as balances on a view-only basis through intermediaries like Plaid. JPMorgan supports secure, customer-authorized data sharing via open banking providers, but it has given no timeline for allowing outside agents to interact directly with accounts, and such agents cannot transfer funds or settle bills.

Alongside its tightened stance on AI access, JPMorgan has extended its JPM Coin payment system to the Ethereum mainnet for institutional users. The bank is moving its USD-backed deposit token from private, permissioned ledgers onto a widely used public blockchain network, broadening how institutional clients can use on-chain dollars. Institutional customers can now send on-chain dollar transfers using JPM Coin over Ethereum, with the aim of achieving faster settlement and 24/7 availability.

JPMorgan operates a global banking and financial services business across North America, Europe, the Middle East, Africa, Asia Pacific, Latin America and the Caribbean, so the extension of its blockchain payment rails has implications for a wide mix of cross-border corporate and institutional cash flows. The move aligns JPM Coin with broader developments in public blockchain payments and tokenized deposits, linking clients into a wider on-chain dollar system while the bank continues to invest in technology and AI.