High security savings account promises tighter protection against modern banking scams
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.