The thing is, Chase and BoA are often capable of reversing fraud and catching the people behind it. Bitcoins don't really allow for that sort of restitution.

Bitcoin is not a bank, and does not replace banks.

There's nothing stopping anyone from setting up a bank that handles your bitcoin transactions, and therefore can reverse transactions between two parties.

Replace "Bitcoin" with "Dollar" and you see how strange your statement is.

I think the issue would be more that bitcoin is philosophically incompatible with services like that.

Bitcoin is anonymous, so I could transfer my money to my account at another bank, report fraud, and the bank could never know unless the other bank told them. If the other bank tells them, or you set up a centralized register of transfers or accounts, you're just mirroring the current systems.

Bitcoin doesn't have The Man, so there's no motivation not to do so fraudulently - what's the worst that happens if a bank realizes you're trying to defraud them? You've already moved your money elsewhere.

Yes, they do. https://www.bankofamerica.com/privacy/online-mobile-banking-...

Chase has a thing where it texts you a code as well.

interactive brokers has various type of two factor authentication depending on how much money you have stored with them.

dont know bout the US but in Germany every bank requires 2FA for transfers