Can I get back to basics for a minute....
My understanding of 2FA is that it this is activated if one tries to log into ones account from a new device that was never used for that purpose before.
From Apple:
Two-factor authentication is an extra layer of security for your Apple ID designed to ensure that you're the only person who can access your account, even if someone knows your password.
With two-factor authentication, your account can only be accessed on devices you trust, like your iPhone, iPad, Apple Watch, or Mac. When you want to sign in to a new device for the first time, you'll need to provide two pieces of information—your password and the six-digit verification code that's automatically displayed on your trusted devices. By entering the code, you're verifying that you trust the new device. For example, if you have an iPhone and are signing into your account for the first time on a newly purchased Mac, you'll be prompted to enter your password and the verification code that's automatically displayed on your iPhone.
So if somebody has your iPhone and your password - 2FA does absolutely nothing.
And if someone has your password but tries to log in from a "non-trusted" device, 2FA triggers and generates a code on all trusted devices that needs to be entered to access the account.
If the above is true, what I can't get my head around is how that is an improvement over the multiple security question verification that was asked previously?
None of the banks I deal with use 2FA, the one bank that is I think the most secure one, Will:
a. For a regular login, ie from my computer where they check the IP address, will need my password (obviously) and then they display 12 images (one of which I had chosen when I first set up the account) and have to select the correct image to access the account.
Very simple and straight forward, I find an image a lot easier to remember than a password plus it's also something one doesn't tend to write down.
And if I move my Mac to a different location, ie different IP address, then one or two security questions pop up in addition to the password & image selection requirement.
I'm trying to understand how 2FA improves on that approach - all I find now is that with SIM swap, 2FA actually makes things less secure.