Yes, it is possible via 2FA – OTP Login Application. An additional field of the phone for OTP verification can be added to the account creation form. Users won’t be allowed to create an account until they verify OTP sent over their mobile number/email. Once the user authenticates himself, he would be able to create an account. You can check out the functionality over our demo store here https://oauth-sp.myshopify.com/account/register.
Please reach out to us at firstname.lastname@example.org for more information.