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.New! Free live CyberGuy class: Protect Your Money From Today’s Biggest ThreatsJoin us Saturday, Aug.29, at 10 a.m.
ET for a free CyberGuy LIVE class covering five simple steps to help defend yourself against AI scams, fraud, identity theft and financial hacks.Kurt "CyberGuy" Knutsson will explain how to set up bank alerts, strengthen your account logins, protect your phone number, freeze your credit and help secure your retirement savings against unauthorized transfers.
No technical experience is needed.You’ll also receive our financial protection checklist, and every registrant will get a link to the class recording afterward.Reserve your free spot today at CyberGuyLive.com.YOUR FAMILY COULD BE ONE PHONE CALL FROM A BANK SCAMA six-digi...