I see some poetic justice in this...
The implantation has, shall we say, issues. So the crooks are using the iPhone to rip-off Apple in order to rip-off banks, private citizens, etc. The poetic is using a product to rip off the maker.
The problem still boils down to the banks. IF they were serious, you'd take your phone and proper ID into the bank for verification. But that might inconvenience some users, right. It also, wouldn't let the bank off the hook when it's bailout time. Once again, users/taxpayers/honest citizens are screwed by the few and the mighty.