Your bank might cease sending six-digit codes

A new cryptographic authentication system called MagicalAuth aims to replace traditional texted security codes for bank logins by using cryptographic keys embedded in SIM cards, enhancing security against SIM-swap and phishing attacks. Supported by major wireless carriers, the technology verifies the presence of the correct SIM without requiring user input of a code, potentially streamlining and securing online banking authentication. However, it does not eliminate all scams, as social engineering and impersonation remain possible; users are advised to follow security best practices until widespread adoption occurs.

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