Survey: More than 1 in 3 Americans have faced a financial scam or fraud in the past year
Published by: bankrate.com
Date: July 23, 2025
Summary
A recent survey by Bankrate highlights the growing concern over financial fraud, with 77% of U.S. adults expressing worry about becoming victims. The survey reveals that credit card fraud is the most common type, affecting 46% of respondents. Other prevalent fraud types include identity theft and debit card fraud. Despite these concerns, only 21% of respondents regularly check their credit reports. The article emphasizes the importance of vigilance, recommending steps such as monitoring financial accounts and using strong passwords. It also notes that younger adults are more likely to fall victim to fraud, underscoring the need for increased awareness and education.
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
Withdrawals requires a live facial scan via CLEAR®, and transfers can mandate Microsoft Authenticator or YubiKey authentication, preventing fraudsters from accessing accounts even with stolen credentials.
Closed‑Loop Protection™
Withdrawals and deposits are restricted to the original verified source. Unauthorized check refunds, peer-overpayment scams, or diverted transfers are automatically blocked.
Lockdown™ Status
If unusual behavior is detected — like a sudden large withdrawal — the account enters Lockdown™, freezing all transactions to prevent further loss.
Two‑Day Withdrawal Delay
Every withdrawal is held for two business days, giving users ample time to review statements and cancel fraudulent transactions before funds leave.
Active Account Cloak™ & Blacklist™
Account numbers are hidden and unusable externally, and high-risk entities are blocked, making account takeover via stolen data ineffective.
No Links/QR Codes & .Bank Domain
Fort Knox never sends transactional links or QR codes and operates exclusively on a secured .Bank domain, reducing phishing risk.
Bottom line: With CLEAR® facial authentication, strong MFA, Closed‑Loop Protection™, Lockdown™, withdrawal delays, cloaked accounts, a proprietary blacklist, and phishing-resistant design, Fort Knox dismantles the mechanisms of common bank fraud—ensuring fraud attempts are detected, prevented, or reversed before users suffer losses.
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 authentication and Intelligent Closed-Loop™ Protection to secure accounts, preventing unauthorized access and fraudulent transactions.
Fort Knox offers features like biometric authentication, Active Account Cloak™, and Lockdown™ to protect against scams and ensure secure transactions.
Lockdown™ automatically halts all transactions if suspicious activity is detected, allowing time for verification and preventing unauthorized access.
The two-day pending period for withdrawals gives users time to detect and cancel unauthorized transactions, adding an extra layer of security against fraud.
Fort Knox provides advanced security features and education on fraud prevention, targeting the vulnerabilities that younger adults face with scams.
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