I'll play devils advocate here.
Back in 'the day' when someone came in and committed fraud by cashing fake cheques under your account, that was YOUR money they were taking. Today they're taking the CC companies money, which one do you prefer? Also, if you were unlucky to have a cheque cashed under your account back in 'the day', I can guarantee you there wasn't a 2 business day turn around to get your money back (Like there is today). We're talking weeks if not more. As for outsourcing, it's a part of life. People tend to forget that customer service has sucked for a long time, way before those phone calls were being answered in India.
I'd much rather take todays security measures compared to the ones we had in the 80's for example. The system definitely isn't perfect, but when has it ever been?