Some comments try to justify this - they’re wrong.

Even if it was just 1% of users, outright ignoring their issues is not acceptable. And far more than 1% travel abroad or do other suspicious activity (such as buying things at a place you’ve never purchased from before).

And there are services that handle this correctly. Starling bank (UK) is a fave of mine. Confirm in an app, enter full password in some cases, but that’s it. I had to make some sketchy looking transactions and no matter, they never block your account or make you jump through additional hoops.