Add shredded cheese and cornstarch to a large bowl and toss to coat.
In a medium saucepan over medium heat, add evaporated milk. Bring to a simmer stirring occasionally, to make sure milk does not burn.
Turn heat down to low, and add coated shredded cheese. Stir to combine and continue to cook on low until the cheese has melted. Add salt, cayenne pepper and hot sauce, if desired.
Serve warm with tortilla chips or French fries.
Video
Notes
Adding some salsa, chopped jalapenos or some hot sauce can all give it that nip you may want. ;)