Some U.S. banks are, thankfully, blocking their clients from letting Meta\u2019s Muse AI bot root around in their accounts. Even more thankfully, it appears relatively few people have been dumb enough to try.<\/p>\n
Speaking to Bloomberg TV<\/a> on Friday, Charles Schwab CEO Rick Wurster said the brokerage is actively blocking Muse from moving money because it poses unacceptable risks to the firm and its clients.<\/p>\n \u201cWe don\u2019t want someone just giving their password to Muse, and letting Muse come in and take action on that client\u2019s behalf. We can\u2019t control it, the client can\u2019t control it, something could go wrong and who\u2019s liable?\u201d Wurster said. \u201cFor the protection of the client and for the protection of us, we\u2019re not allowing it.\u201d<\/p>\n Wurster told Bloomberg that he personally receives data on AI agents that were detected and rejected on a weekly basis, and that this figure has yet to cross into the hundreds. Given that Muse collects entire dossiers<\/a> of data on users and everyone they digitally interact with, potentially exposes<\/a> users to exploitation, and has already had serious reported privacy issues like the time it handed out a home address to a stranger<\/a>, this is probably for the best.<\/p>\n Wurster said, \u201cI get a report on how many times we\u2019ve blocked clients from using one of these agents in a week and it\u2019s in the tens and twenties\u2014per week\u2014that the big agents are being blocked. What that tells me is that while people love AI, they\u2019re not willing to turn their financial accounts over to them just yet.\u201d<\/p>\n Earlier this week, JPMorgan Chase CEO Jamie Dimon told investors<\/a> on an earnings call that the bank bans AI agents based on risk: \u201cWe\u2019re not going to allow just any\u2026 outside agent to come in inside the company, because it\u2019s just too risky for clients and for JPMorgan.\u201d For now, a spokesperson told CNBC<\/a>, this means any external agent for retail clients.<\/p>\n \u201cYou don\u2019t want rogue agents, and it could be thousands of them,\u201d Dimon added.<\/p>\n According to Bloomberg, Wurster did encourage the use of Charley, Schwab\u2019s in-house AI assistant unveiled last month\u2014Charley will only handle<\/a> administrative and informational tasks out of the gate, not trading. Wurster told Yahoo Finance<\/a> AI could play a role in helping clients research stocks and set up trading processes, but allowing AI agents to make decisions without human approval is \u201ca leap too far.\u201d<\/p>\n Wurster also told Bloomberg that Schwab is preparing to allow external LLM connections, but only through Model Context Protocol (MCP) servers with controlled authentication, and their actions will be restricted: \u201cWe\u2019re not going to allow them to move money, but if they want to come in and see their account balances and do research, they will be able to do that through their LLMs.\u201d In an earnings call<\/a>, he mentioned that Schwab does have a growing subset of clients \u201cthat are trading through LLMs and APIs,\u201d and they can only submit requests through the firm\u2019s APIs and MCP servers, where Schwab can control and verify interactions.<\/p>\n","protected":false},"excerpt":{"rendered":"Some U.S. banks are, thankfully, blocking their clients from letting Meta\u2019s Muse AI bot root around in their…\n","protected":false},"author":2,"featured_media":885189,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[27],"tags":[182,3298,1532,28,10414,939,1282,129955],"class_list":["post-885188","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business","tag-ai","tag-ai-agents","tag-banks","tag-business","tag-facebook","tag-finance","tag-meta","tag-muse"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/posts\/885188","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/comments?post=885188"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/posts\/885188\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/media\/885189"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/media?parent=885188"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/categories?post=885188"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/tags?post=885188"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}