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People in the United States reported losing $15.9 billion to fraud in 2025, up from $12.5 billion the prior year, according to the Federal Trade Commission, with imposter scams alone accounting for more than $3.5 billion of that figure.
Against that backdrop, Glide.id has released the public beta of MagicalAuth, a cryptographic authentication system the company says is designed to replace the texted one-time codes that banks and financial services use to verify logins.
MagicalAuth is available through AT&T, T-Mobile, and Verizon on iOS and Android. Banks and other services must integrate the system on their own before their customers encounter it, the company said.
How the authentication works Instead of sending a numeric code to a customer's phone, MagicalAuth draws on a cryptographic key built into the SIM or eSIM inside the device.
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