When I had HSBC accounts, their security was laughable but in the other direction: IIRC, in addition to just the plain password which you had to type by hunt-a

When I had HSBC accounts, their security was laughable but in the other direction: IIRC, in addition to just the plain password which you had to type by hunt-and-peck on an onscreen keyboard, you also had to make up some "security phrase" which they would make you type a few letters from, like the 1st, 3rd, and 24th letters. Maybe their new security approach is a response to that.