Why is this such a big deal to people?
People lose their credit cards, bank cards and phones all the time, they lose their entire wallets and purses with lots of cards, including bank cards, drivers license, Pink Pussycat membership card, the world doesn't stop! You simply phone the bank and the mobile provider and tell them what happend, the blocks go on immediately and the cards and phones are useless.
Why is losing your money-phone going to be any different? The bank will be aware your card details are in the phone, so you call the bank from another phone and they put the account blocks in immediately, they cover the loses for you and you then sort out the paper work to get a new phone and new details sorted out.
No doubt there will be a whole service industry set up to deal with the links between phones and bank accounts, there's money to be made from it so those in the know would be stupid to not set up some kind of business to make the whole business of replacing your phone/account details as easy as possible.
Stop stressing, let's see what's in place to protect us and then make a decision if you're happy to go ahead.
No doubt this post will push peoples buttons, so flame on!