Boomers are getting scammed for billions online — here’s how to break the cycle
Published by: The Hill
Date: July 23, 2025
Summary
The article discusses the growing issue of financial scams targeting the elderly, resulting in significant monetary losses. Elderly individuals are often targeted due to factors like isolation, cognitive decline, and unfamiliarity with technology. These scams can take various forms, including phishing emails, phone scams, and fraudulent investment schemes. The financial impact is severe, with many losing their savings and financial security. The article emphasizes the importance of educating seniors and their families about potential scams and implementing stronger protective measures. It also calls for better regulatory actions and community support to safeguard the elderly from such financial exploitation.
Our Take
How Fort Knox Stops Elder Fraud in Its Tracks
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.
Biometric Face Authentication (CLEAR®)
Every login requires a live facial scan, meaning AI-generated voices or deepfakes can’t unlock the account .
Why Fort Knox is More Secure
High-Security Zones with Multi-Factor Tokens
Transfers or withdrawals trigger zones that require Microsoft Authenticator or YubiKey approval—stolen credentials alone can’t authorize transactions.
Configure Security Measures Zones
Closed‑Loop Protection™ & Withdrawal Delay
Funds can only return to the original linked account. Plus, each withdrawal is delayed two business days—giving users time to cancel scam-driven transfers.
What is Fort Knox High‑Security Savings
Funds Transfer Timelines and Limitations
Zero-Phishing Policy
Fort Knox never sends links or QR codes via message—eliminating phishing vectors used in tech-support or IRS scams.
Why Fort Knox is More Secure
Lockdown™, Cloaking & Blacklist™
Suspicious behavior automatically triggers Lockdown™, freezing transactions. Alphanumeric account numbers shield identifiers from misuse, and high-risk external accounts are blocked.
Why Fort Knox is More Secure
Bottom Line: Fort Knox’s security—combining live facial biometrics, tokenized zones, withdrawal delays, closed-loop funds routing, phishing-resistant communication, and automatic lockdown—directly counters the urgency and manipulation tactics targeting elderly users, making common elder fraud nearly impossible to execute successfully.
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 and Intelligent Closed-Loop™ Protection to prevent unauthorized access and transfers, safeguarding elderly users from scams.
Biometric verification through CLEAR® replaces passwords, ensuring only verified individuals access accounts, reducing the risk of unauthorized access.
The Lockdown™ feature halts all transactions if suspicious activity is detected, allowing account holders to review and verify activity before proceeding.
Fort Knox enforces a two-day pending period for withdrawals, giving users time to review and cancel unauthorized transactions, enhancing security.
Active Account Cloak™ makes accounts incompatible with external transfer systems, preventing unauthorized fund transfers to unknown accounts.
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.
