In a cross-field (E×B) setup, electron EB flow relative to unmagnetized ions can cause Electron Cyclotron Drift Instability (ECDI) due to ion-acoustic mode and electron cyclotron harmonics resonances. This occurs, for example, in collisionless space shocks and EB discharge devices such as Hall thrusters. The rise of an electron flow parallel to the background E field at speeds far exceeding predictions by classical collision theory is a prominent feature of ECDI. The development of ECDI and anomalous transport is often thought to necessitate a fully kinetic treatment. However, in this paper, we show that a reduced variant of this instability, as well as the associated anomalous transport, can be produced self-consistently in a collisionless two-fluid framework with no adjustable collision parameter. By treating both electron and ion species on an equal footing, the free energy due to the inter-species velocity shear allows the growth of an anomalous electron flow parallel to the background E field. We will first present linear analyses of the instability in the two-fluid five- and ten-moment models, and compare them against the fully-kinetic theory. At lower temperatures, the two-fluid models predict the fastest-growing mode comparable to the kinetic result. Also, by including more moments, secondary (and possibly higher) unstable branches can be recovered. The dependence of the instability on ion-to-electron mass ratio, plasma temperature, and background field strength is also thoroughly explored. We then carry out five-moment simulations of the cross-field setup to verify the development of the instability and the anomalous transport. A comparison against Vlasov-Poisson simulation using experimental parameters is also presented. This work casts new insights into the nature of ECDI and the associated anomalous transport, and demonstrates the potential of the two-fluid moment model in efficient modeling of E×B plasmas at lower temperatures.