Your bank may stop texting you six-digit codes

If you bank online, you probably know the routine.

You enter your password and then wait for a six-digit code to arrive by text.

That extra step is supposed to help prove you are really you.

Unfortunately, scammers have learned how to turn those codes against us.

A fake bank representative may call and persuade you to read the code aloud.

A phishing site can trick you into typing it in.

A SIM-swap attack can give a criminal control of your phone number, potentially putting those texted security codes within reach.

The Federal Trade Commission says people reported losing $15.9 billion to fraud in 2025, compared with $12.5 billion in 2024.

Imposter scams were the most frequently reported fraud category in 2025, accounting for more than $3.5 billion in reported losses.

Now, a new type of phone-based verification could eventually make those texted codes much less common.

Glide.id has launched the public beta of MagicalAuth, a cryptographic authentication system available across AT&T, T-Mobile and Verizon on iOS and Android.

Banks and other services still have to integrate the technology before you would encounter it during a login.

Here's how the system works and what it could mean for the way you log in to your bank down the road.

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