That's quite a convoluted scenario. But ok, I see your point.
So with your Touch ID - what happens if you're mowing the lawn, drop your iPhone and then as you reach down, chop off all your fingers? Whilst you're in hospital, amongst the long grass, a man who has inadvertendly found himself in your private garden, finds your phone and one of your fingers and... BAM! He's in your iPhone with access to all your stuff.
Your bank account is empty within minutes, your wife leaves you and you're homeless.
Not saying Touch ID is a bad thing, but I don't mind simply being careful to be aware where my phone is and not drop it and let others get to it. It's be sixteen years so far and I've not lost it yet.
The only people I wish Apple would provide security to protect their users from at this point are the people actively compromising our hardware, software, and networks to illegally keep tabs on us, for any reason they desire, without our consent or even knowledge.
There ARE real threats to security these things pose. 15 year olds phishing for credit card numbers doesn't even compare to losing your civil rights & protections and being falsely accused and imprisoned. But what am I saying, that never happens...
Surely this can't be granted? I had this on my Nokia N8 back in 2010 or 2011.
So if I find or steal a passcode locked phone, I can spoof a celltower and wifi network near the area where the owner lives and it will think it's home and remove the protection? Or if I steal it from an owner's house (or from the owner directly nearby his house) I can get into the phone without a passcode?
Seems like a pointless and bad idea. Rather than changing security settings, they should focus on making security more user friendly so it can be on all the time without being a hindrance. TouchID is a good start.
We did this in 2011. pretty sure it counts as prior art.
http://bluepointsecurity.com/presentationlayer/pages/enterpriseeditionmdm.aspx
Available on Android with an app called "tasker".
I initially unlock my phone based on being in my car and attached to BT and my GPS location.
I also unlock based on my headset being connected or other wifi location and trusted devices.
Plenty of prior art and use. Should not be granted.
It's a good idea but I hope it's an option. I wouldn't want visitors to be able to "bypass" security just because the device happens to be home.