I think something was lost in the retelling. It could just be an era when people didn't figure out biometrics yet. It makes sense today, but caught up in new hype, people often implement cutting edge technology where it doesn't belong.
>>emoden+lC
Sure, but usually we have 2FA now. It tends to be what you have (token/documentation), what you know (password), and what you are (voice auth).
Often you need one type for basic access (see balance), two for an actual transfer, three for say, transferring a million dollars. This may be something that people like Mitnick proved were necessary.