No. That shows a need for mutual authentication.
Two factor authentication is a way to increase the confidence or assurance in an authentication. Passwords are weak; passwords combined with either token or biometrics are stronger. But the authentication is still one way; the relying party has confidence in the identity of the claimant, but two factor (or three factor or N factor) authentication doesn't intrinsically make any statement about the identity of the relying party.
Mutual authentication can be single factor or multifactor. You may derive some confidence from an SSL certificate, or an extended validation SSL certificate. Some banks have implemented a "secret image protocol"; they store an image of your choice, and if they don't display it during logon, you should be suspicious.
WEP is of course inherently insecure for unrelated reasons. Even if you mutually authenticate with multifactor authentication, you have no confidence that an adversary won't read the traffic afterwards, or even break in midstream and replace one of the parties with a MITM attack.
Ideally, you want a situation where both parties can mutually authenticate in a way that creates confidence commensurate with the transaction value.