Yeah, this would be a red flag for me, if you want to be a coder, take the job where you'll be coding from day one.
There will be other IT security jobs. If you really want one, you should just turn down both offers and wait for one you really want. Good programmers are rare and you can probably wait around for something you like better.
Edit: Also, don't believe promises regarding payrises after 6 months, shares in the company, healthcare, etc. If it's not on the table when you negotiate the contract, be sure you'll be happy when the promises fail to materialise.