5 common types of bank account fraud and how to protect yourself
Published by: bankrate.com
Date: July 23, 2025
Summary
Bank account fraud involves unauthorized activities aimed at accessing or manipulating someone’s bank account. Common types include identity theft, where fraudsters use stolen personal information to open new accounts or access existing ones, and phishing scams that trick individuals into revealing sensitive information through fake communications. Check fraud involves altering or forging checks, while card fraud includes unauthorized transactions using stolen debit or credit card details. To protect against fraud, individuals should regularly monitor their accounts, use strong passwords, and be cautious about sharing personal information. Banks also offer tools like alerts and two-factor authentication to enhance account security.
Our Take
Fort Knox, developed by Austin Capital Bank, is a high-security savings account designed to safeguard consumers life savings and protect them from sophisticated fraud and scams. Its advanced security features include biometric verification, soft and hard tokens, proprietary technologies, and a focus on creating intentional friction to prevent unauthorized access and transactions.
CLEAR® Facial Biometric Verification & Custom Security Zones
Every access requires live facial verification, and sensitive actions can demand extra authentication via Microsoft Authenticator or YubiKey. Impersonation alone isn’t enough to authorize transactions.
Closed‑Loop Protection™
Only verified funding sources can receive withdrawals. Check fraud, wire scams, ACH redirections, and mule transfers are blocked by design.
Lockdown™ Status & Two‑Day Delay
If the system detects unusual behavior, Lockdown™ freezes all transactions. Meanwhile, withdrawals incur a two-business-day hold—allowing time to cancel fraudulent or skimming-related activity.
Active Account Cloak™ & Blacklist™
Masked, nonstandard account numbers cannot be used externally, protecting against ATM or card fraud. A proprietary blacklist blocks links to risky apps or accounts commonly involved in mule schemes.
No Links/QR Codes & .Bank Domain
Fort Knox never uses transactional links or QR codes and operates only on a vetted .Bank domain, eliminating phishing risks.
Bottom line: Fort Knox neutralizes fraud through biometric verification, closed-loop transfers, freeze mechanisms, withdrawal delays, cloaked accounts, blacklisted connections, and phishing-resistant design. Your money stays safer across all these common fraud attempts.
Quick Breakdown
Get into the article with a quick breakdown of the main topics covered in the article in the Q&A section
Article FAQ
Fort Knox uses biometric verification with CLEAR® to ensure only verified individuals can access accounts, preventing unauthorized access and identity theft.
Fort Knox employs Intelligent Closed-Loop™ Protection and Active Account Cloak™ to block unauthorized transactions and make accounts secure against phishing scams.
Fort Knox activates its Lockdown™ feature to halt all transactions if suspicious activity is detected, allowing account holders to review and verify activity.
Fort Knox implements a two-day pending period for all withdrawal requests, giving account holders time to review and cancel any unauthorized transactions.
Fort Knox integrates biometric verification, proprietary security technologies, and intentional friction to protect against sophisticated frauds and scams.
Protect your life savings.
Experience the world’s first high-security savings account built from the ground up to keep your money safe and secure.
