Neat idea. I just don't think it should be patentable. Blackberry had that with the unlock PIN years ago. If you entered your PIN backwards, it would send an email to a designated contact.
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I can see issues with this. Your phone is locked with a fngerprint and you are asked to unlock it. You use the panic finger and further lock the phone. You may open yourself up to an obstruction charge.
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From what I have heard, fingerprints aren't handled the same way a password is under the law. A law enforcement officer cannot force you to give up your password, but he/she can require you to give up your finger. In this specific instance, a fingerprint is not as secure as a password. Apple's solution here may be a way around that, allowing a citizen to quickly put their phone in a mode that isn't unlock able by a normal fingerprint and thus needs to be unlocked using a separate password, which can't be required by LEO. This would fit in nicely with Apple's stance that they cannot (and will not) give up information that is stored on someone's phone.
I can see issues with this. Your phone is locked with a fngerprint and you are asked to unlock it. You use the panic finger and further lock the phone. You may open yourself up to an obstruction charge.