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We consider a subcarrier wave quantum key distribution (QKD) system, where quantum encoding is carried out at weak sidebands generated around a coherent optical beam as a result of electro-optical phase modulation. We study security of two protocols, B92 and BB84, against one of the most powerful attacks for this class of systems, the collective beam-splitting attack. Our analysis includes the case of high modulation index, where the sidebands are essentially multimode. We demonstrate numerically and experimentally that a subcarrier wave QKD system with realistic parameters is capable of distributing cryptographic keys over large distances in presence of collective attacks. We also show that BB84 protocol modification with discrimination of only one state in each basis performs not worse than the original BB84 protocol in this class of QKD systems, thus significantly simplifying the development of …