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I may be naive here, but if the target account of the APP scam is from a UK bank, the bank should know the verified name and address of the account holder. They could then pass this onto the police who can then prosecute the scammer. If the bank does not know the verified name and address of the account holder then it is negligent and the scammed person would have a case against them.

When I opened my first bank account it was done in person with proof of age, address and with a reference stating I was suitable to have an account.

It seems these old ways made banking more secure.

Payment cards and online payments do have a C02 cost as they require vast amounts of computing power to support them. They also require an infrastructure which depends on having the power available. Cash is the only payment method available when the lights go out! 

A large proportion of the world population do not have access to bank accounts and so cash is the only payment method available. If cash were to disappear we would never survive a cataclysmic event such as a major war. How would you buy food if there was no power available?

@KetharamanSwaminathan. The izettle and square readers are approved. They just use the iphone as a means to connect to the network so are not part of the approval. If the iphone itself were to be a pos terminal then it would have to be approved. I would have thought that every time you updated the software a new round of approvals would be required.

If the iphone is to become a payment terminal it must be approved by EMVCO. That takes time which makes an early spring release unlikely.