Artificial intelligence is rapidly becoming the new financial adviser for millions of people struggling with rising costs, debt and shrinking savings. From budgeting help to debt repayment plans, AI chatbots are now offering instant financial guidance at no cost.
But cybersecurity and privacy experts are warning that uploading bank statements, tax returns or credit card bills into AI systems could expose users to serious fraud andidentity theftrisks.
Platforms such as ChatGPT, Microsoft Copilot, Google Gemini and Claude are increasingly being used by people seeking help with managing monthly expenses and improving cash flow. However, experts say many users do not realise how much sensitive information is contained inside everyday financial documents.
The debate intensified after author and podcaster Mel Robbins encouraged followers on Instagram to use AI tools for money advice.
In a suggested prompt shared online, Robbins advised users to upload documents such as bank statements, debt records and income information so AI systems could provide personalised financial guidance.
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The original prompt did not include warnings about removing personal details before uploading files. According to reporting by CNN, critics quickly raised concerns in the comments section, warning that sensitive financial information could become exposed if shared without protection.
Robbins later updated her suggested prompt. The revised version instructed users to remove personal information before uploading any documents. That change produced noticeably different responses from AI systems. CNN reported that updated prompts triggered privacy warnings reminding users not to share names, account numbers, addresses or identifying details.
Cybersecurity specialist Rachel Tobac warned that uploading unredacted financial documents carries major risks if systems are hacked, breached or accidentally exposed. Speaking to CNN, Tobac said leaked financial records could allow criminals to commit identity theft, accessbank accountsor build highly convincing phishing scams.
A bank statement may reveal far more than spending habits. It can contain account numbers, salaries, employer details, home addresses, phone numbers and transaction histories. Tobac explained that scammers could use leaked purchase information to create fake messages that appear authentic because they include real merchants, dates and payment amounts.
Source: International Business Times UK
