FBI Recognizes Elder Abuse Awareness Day and Warns Americans About Elder Fraud
Published by: FBI Cleveland
Date: July 23, 2025
Summary
The FBI's Cleveland Field Office highlights World Elder Abuse Awareness Day, emphasizing the growing issue of elder fraud. Elder fraud involves scams targeting older adults, often resulting in significant financial losses. Common schemes include romance scams, lottery scams, and tech support fraud. The FBI urges the public to remain vigilant and report any suspicious activities. They stress the importance of educating elders and their families about these scams to prevent victimization. Additionally, the FBI collaborates with various organizations to combat elder fraud and provide resources for victims. Awareness and proactive measures are crucial in protecting the elderly from fraud.
Our Take
How Fort Knox Prevents Elder Fraud
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.
Live Facial Biometric Authentication (CLEAR®)
Every login requires a real-time facial scan via CLEAR®. Even sophisticated tactics like deepfake voices or AI impersonation won’t bypass this biometric safeguard.
Why Fort Knox is More Secure
Multi-Factor Security Zones
Critical actions (transfers, withdrawals) are locked behind zones requiring Microsoft Authenticator or YubiKey approval. Even if seniors fall prey to investment, tech-support, or government impersonation scams, stolen credentials alone cannot authorize transactions.
Configure Security Measures Zones
Closed‑Loop Protection™ & Withdrawal Delay
All transfers must return to a pre-verified funding source. Withdrawals remain pending for two business days, providing time to detect and halt scam-driven action.
What is Fort Knox High‑Security Savings
Funds Transfer Timelines and Limitations
Lockdown™, Cloak™, & Blacklist™ Protections
Suspicious activity automatically triggers Lockdown™, freezing all account transfers. Account numbers are alphanumeric and framework-incompatible, preventing misuse by caretaker scammers. High-risk destinations are blocked by the proprietary Blacklist™.
Why Fort Knox is More Secure
Bottom Line: By combining live biometric gates, token-based zones, no-phishing communication, withdrawal delays, closed-loop transfers, automatic lockout, and account cloaking, Fort Knox directly addresses the urgency, trust, and technical angles used to exploit seniors—making it extremely difficult for elder fraud to succeed.
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 transactions, safeguarding elders from fraud.
Biometric verification through CLEAR® ensures only the verified individual can access their account, eliminating risks associated with stolen or guessed passwords.
Fort Knox restricts transactions to verified funding sources and implements a two-day pending period for withdrawals, allowing time to review unauthorized requests.
Fort Knox's Lockdown™ feature halts transactions upon detecting suspicious activity, and Active Account Cloak™ prevents compatibility with external transfer systems.
Intentional friction, like pending periods for transactions, helps prevent unauthorized access, providing users time to identify and stop fraudulent activities.
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