AI gains trust in shopping but not for finances

Most consumers accept artificial intelligence as a shopping helper but refuse to let it manage their finances.

A recent Experian study found 31% of consumers have used AI tools for online shopping, while only 17% feel comfortable relying on them for financial decisions. Another 23% might consider AI for future purchases, though trust declines sharply for transactions involving money.

AI in shopping, not in spending

Experian’s 11th annual Identity and Fraud Report surveyed over 2,000 U.S. consumers and more than 200 businesses. AI is becoming common as a shopping assistant, assisting with product discovery, comparisons, and recommendations, yet its use in financial services remains rare.

Only 21% of consumers trust AI for travel-related purchases, and even fewer would use it for broader financial choices. The resistance stems from a desire for control. Nearly a third either refuse AI in shopping or strongly oppose it, while 16% remain uncertain.

Skepticism also applies to agentic commerce, where AI bots make purchases independently. While 31% already use AI for shopping help, the same number reject the idea entirely. The study indicates that as AI adoption grows, brands must solve identity verification challenges—confirming both user identity and whether an AI agent has proper authorization.

Fraud concerns span all incomes

Consumers worry about AI’s role in fraud as much as its decision-making. Over half of respondents, across income levels, fear AI-generated phishing emails or messages. Lower-income consumers were less aware of AI-related scams, with 23% saying they knew nothing about them, compared to just 5% of higher earners.

Companies share these concerns. The biggest AI fraud threats they identified include AI-generated phishing (53%), AI-assisted first-party fraud (51%), and document forgery (45%). Automated bot attacks (40%) and deepfake voice scams (37%) also ranked high.

To address these risks, businesses favor adaptive authentication. A large majority place the most confidence in risk-based authentication, followed by know-your-agent protocols and document verification.

Kathleen Peters, Experian’s chief innovation officer, stated that as AI agents handle more decisions, trust will determine success. “Establishing identity and trust, whether for a person or an AI agent, is essential to every digital interaction,” she said.

The report suggests identity verification will need to evolve. If AI agents make purchases, companies may need to verify not just the user but also the agent’s permissions and transaction context. New authentication layers, such as biometrics or real-time behavior analysis, could become necessary to match how people shop.

For now, consumers keep their finances away from AI. As shopping tools advance, the boundary between human and machine decision-making may shift faster than trust can develop.

This hesitation mirrors broader trends in digital payments, where security often lags behind convenience. Similar caution appears in other financial innovations, like crypto-backed debit cards, where users weigh risks before adoption.