Security threats Toolkit

Story: HSBC accuses rivals of security 'arms race'

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Of course he is entirely correct! The fact remains that Banks are entirely cavalier with customers data and money.
Do not forget that they are first and foremost businesses which seek to minimise costs and maximise profits. Any form of security is seen as unnecessary cost until the fraud tipping point is reached. Chip and PIN was only introduced when the level of fraud was so great that the Banks could no longer sustain absorbing the cost and public opinion meant there was a loss of confidence in the plastic card.
Telephone and internet banking are seen as a way to maximise profits. Online is preferable as this does away with the need for call centres as the customer inputs the details rather than a member of staff.
The issue is that the means of authentication employed thus far is weak beyond description.
This chap is stating the obvious and whinging because HSBC will now get hit by fraudsters or have to absorb unanticipated cost.
I suggest he gets back to the office and deals with it.

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