Or, not using sms for secure authentication which it's not designed nor secure enough . I see it used mainly because it's cheaper than more secure methods like

Or, not using sms for secure authentication which it's not designed nor secure enough . I see it used mainly because it's cheaper than more secure methods like a rolling password generator. Also, your solution won't solve the problem completely. It's also possible to obtain the data with SS7 network attacks. Granted, this takes a telco level adversary. But telcos are a dime a dozen these days and in some cases even their home access points have been hacked for this. Like Vodafone SureSignal.