If I can protect my World of Warcraft account from getting stolen using 2 factor authentication you would think it would be standard practice for credit agencies who are entrusted with the most important data you have.
By simply requiring a code generated every 30 seconds in google authenticator to access or create new credit cards, loans and other financial products, the majority of credit card fraud and identity theft could be erradicated.
Of course your phone could still be stolen, but that would require a thief to be in physical possession of your phone, not 2000 miles away trying to guess your mother's maiden name.
You could always institute a credit freeze as mentioned in a prior post if your phone was stolen.
Credit agencies would probably lose money due to people dropping their credit card monitoring services, but this is a small price to pay for not screwing up some one's life.