My bank will text me when they suspect fraud. They'll send a push notification to their app on my phone, as well. It's not quite 2-factor authentication, but cl

My bank will text me when they suspect fraud. They'll send a push notification to their app on my phone, as well. It's not quite 2-factor authentication, but close. Wouldn't a beefed-up version of that be simpler than chip and pin? I could set a threshold of say $50 or $100 at my bank and any transactions above that should need verification from another channel.