A new kind of savings account built to stop fraud before it starts is now available nationwide. Fort Knox Bank’s High-Security Savings Account, developed by Austin Capital Bank, removes passwords entirely and uses biometric identity verification with proprietary Closed-Loop technology to keep criminals out.
The launch comes at a time when U.S. consumers are facing unprecedented levels of financial crime. According to the Federal Trade Commission, losses from fraud hit $12.5 billion in 2024, a 25 percent leap from the year before.
Nearly one in three Americans fell victim to scams in the past year alone, and FTC projections suggest losses could climb to $40 billion by 2027 as AI-driven schemes continue to evolve.
“It doesn’t matter how convenient your banking is if your money isn’t safe — criminals love easy access and fast transfers too,” said Erik Beguin, CEO and founder of Austin Capital Bank. “Today, we’re introducing an entirely new category of bank accounts: the high-security savings account. While traditional banks and payment providers try to balance convenience with security, and achieve neither, the Fort Knox HSSA fundamentally reimagines how banks protect customer assets with a platform and architecture built to prioritize security at every level.”
…continued at: https://betanews.com/2025/08/13/unhackable-savings-account-promises-tighter-security-against-modern-banking-scams/
