Yes, in a way, but it's up to individuals to protect themselves and mitigate risks. Have several different bank/savings accounts and keep cards in different places, so you always have options if one channel fails for whatever reason. I.e. I always ensure I have two cards with me, one being a mastercard and the other a visa, as sometimes one of the systems is down whilst the other still works.
People who stuff cash under their mattresses are just as much at risk as someone who puts all their savings in one bank account. In fact more risk, as at least if your card gets cloned or someone empties your bank account, you have a chance of recovering the money as long as you've not been negligent. If your house is broken into and some scrotes find your cash, of if it burns down, you're cash is gone forever!
Back a few decades, if your building society passbook got lost, stolen or damaged, you couldn't just trot down to the building society and withdraw the money. It may not have been computerised, but the counter staff would certainly have said "no", and you'd have had to go through their process of reporting the loss/theft, getting a new passbook issued, etc., which wouldn't have been immediate!
I still maintain that we have more control today to control and mitigate our risks. People who negligently write passwords in books, or don't set up fingerprints or facial recognition on their smartphones are negligent and may well struggle to get recompense if they are conned or subject to theft/fraud.
I think things were more dodgy in the old days when you could present a cheque or passbook at the bank counter, just sign someone else's name (pretty easy to practice, when their signature was often in the front of the passbook or the back of the cheque guarantee card) and walk out with a pocket load of cash!