What does one do, however, if you are logging onto another computer to iCloud, so you can use Find my iPhone to locate that trusted IOS device they would normally send the verification code to?
If someone happens to get/guess your iCloud password:
a) the user needs to take some responsibility for using a simple password or not utilising best practice
b) they may use FMiP to find you, but really - if you are suggesting they are going to mug you for your iPhone just to gain access to your iCloud account I think that is a little far fetched. What are they going to achieve in the small window of opportunity they have before you call Apple and disable your account? Purchase a song...?
We are talking about an iCloud account here people. Yes it is linked to a credit card, however in an event like this Apple would refund you any illegal purchases and/or your Credit Card company.