This has probably been said by countless people before, but banking security is just mind bogglingly dumb.
Yesterday I phoned the NAB bank. Along with the usual questions I was asked to name a recent transaction. I couldn't recall one so I asked my wife who was standing next to me. The phone operator proceeded to tell me that I wasn't allowed to ask her because I was the person who needed to know the answer! NAB, if you make me communicate with my wife using a pen and paper instead, then you're not going to gain any security, you're just going to annoy customers.
The next thing that struck me was that the transaction used for authentication could be a debit. Now, generally speaking you don't need to do any authentication to put money into an account. Anyone can deposit into your account as long as they have the account number; thereby rendering this authentication method (as it stands) useless at best.
Today I phoned the ANZ bank. Their system is straight forward enough. I just need to know my Customer Reference Number, my telecode, my security code, and my web password. And I'd better well be able to remember which is which before I run out of attempts.
Authentication is a hard problem to solve, but surely we can do a bit better than this.