Yes--the Verizon billing system password is a 5-digit number (not an actual online account password). It's not the same as the password for the portal and I'm not sure why someone would use that as their banking password. I'm assuming he's confusing "Billing System Password" with "Website account Password."

He is right that it's not secure at all, I forget the sequence of numbers I use every other time I've called them, and they've always let me have a few tries at it...