Austin Capital Bank, a leader in digital banking products serving more than 1 million users nationwide, announced the launch of the Fort Knox® High-Security Savings Account (HSSA). Built from the ground up with an uncompromising commitment to security, it creates a new industry standard for protecting consumers’ life savings in an increasingly vulnerable digital world.
The Fort Knox HSSA launch coincides with alarming new data from the Federal Trade Commission (FTC) showing fraud attempts against banking customers increased by 25% in 2024, with reported total losses reaching a record $12.5 billion. The FTC also says 93% of Americans have been targeted by fraud attempts in the past year, with over 45 million people falling victim and suffering financial loss. The average loss per victim now exceeds $4,000, representing a 34% increase from just two years ago.
“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.”
The Fort Knox HSSA integrates cutting-edge account security and first-of-its-kind funds transfer architecture to minimize fraud vulnerabilities, including:
- Intelligent Closed-Loop™ Protection: Fort Knox HSSA ensures funds can only move between a Fort Knox HSSA account and the account holder’s securely linked external bank account. This structure makes it the only platform where fraudsters must defeat at least two independent banks’ security measures and prevents unauthorized transfers to random accounts or payment apps that fraudsters typically use to drain accounts.
- Advanced Security Architecture: Fort Knox HSSA employs a multilayered security system, including passwordless and biometric authentication, proprietary blacklisting of high-risk institutions and apps, and automatic account Lockdown™ that instantly freezes all funds transfers in and out of an account.
- Customizable Security Controls: Fort Knox HSSA features a multilayered security system, with clearly defined zones protecting both a consumer’s money and personal data. Within each zone, users can customize their security protocols using both soft and physical tokens for added protection. Additionally, Fort Knox HSSA prioritizes security by preventing instant withdrawals. All withdrawal requests are held for two business days, allowing customers ample time to review and confirm each transaction.
“Nearly every American will be targeted by multiple fraud attempts today—and every day going forward. The criminals are getting faster, smarter and more relentless,” said Beguin. “The hard truth is that if you haven’t been a victim of bank fraud yourself, you know someone who has. The traditional security model—a username, a password and a one-time code—just isn’t enough anymore. Criminals have evolved. Banks haven’t. We created Fort Knox so Americans can sleep well at night knowing their life savings are protected—and that their money will be there when they need it.”
The Fort Knox High-Security Savings Account is available nationwide, exclusively at www.FortKnox.Bank. Built for individuals who prioritize protection, Fort Knox provides uncompromising security and a competitive interest rate—so savings stay safe while they grow.
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