I always thought that "wo de ming zi shi ..." is the only correct form but today I found (and also a quite a few hits on Google" "wo de ming zi jiao ...". Is the latter normally used and correct?
First of all, I am not sure why the downvote on the question. It's a legitimate question at a basic level.
Now back to the question. Both are correct. /jiao/ literally "call".
/wo de ming zi shi .../ roughly translated to: My name is ...
/wo de ming zi jiao .../ My name is called ... (or, better, I am called ...)
I don't know why you thought the first one is the ONLY correct form. Perhaps it's what is in your textbook? Or it's what your teacher teaches in class? But in a language, it's very common to have more than one way to say something, especially something as common, and basic, as "my name is ...".
Welcome to language learning!