The SMS is a convenience to the customer, so all they have to do is enter a few letters and get an update on the state of their account.
The 2 part authentication gives a sense of security to the customer, it’s not a real security solution as has been pointed out.
My credit cards have more built in security measures than WF. As soon as a charge hits my CC, I get a text stating the vendor and the amount of the charge. That particular bank doesn’t have a phobia about VoIP phone numbers. Same with AMEX, as soon as a charge is made, I get a text with the vendors name and the amount.
I did explain to them in my complaint any number can be cloned and/or spoofed, so banning VoIP numbers is just ridiculous.
The Tier 3 tech said that the VoIP number cannot be verified as belonging to the owner of the bank account. This is similar to what the IRS does.
Whatever the reason and/or excuse the bank gives, it’s up to corporate to “grant” my request in my complaint.