Not entirely useless, they can easily sell the phone for spares on ebay, you still get a decent return on a non functioning iPhone
In which case the thief will not bother with bypassing TouchID or any other security measures.
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I lost a bet with my colleague (we all work on a biometrics company): I said it
would take a week for such a video to surface, and he bet on two days.
Yes, it's tough to reproduce, requires a lot of knowledge, and the technique is quite refined, yadda, yadda, yadda. But people repeating this are missing some very important points:
1. Easy or difficult, it's possible: TouchID has been bypassed, and it's not as secure as Apple claimed (subskin scanning? Rubbish).
2. Hackers from around the world now have an extra incentive to make this easier, now that it has been proved to be possible. And of course that's how things go nwhen it comes to technology: it starts cumbersome, difficult, available only to the initiated, and then gets easier and easier, spreading to anyone curious enough to care.
3. Passcodes didn't cut it before, and certainly won't be the solution now. If TouchID has been breached, one cannot count on one's four digit passcode.
4. It's not just information that is at risk: I can purchase lots of stuff from Apple with my fingerprint, so there is a potential for large financial loss if someone with this knowledge gets hold of my phone.
That said, I still believe TouchID to be a good solution, that will improve the security of about 99.99% of the general population.
One way to mitigate the risk of having your fingerprint lifted by a thief is to use your knuckle instead of your fingertip. Typically a knuckle can yield the necessary biometric minutiae for a biometric template, and one doesn't leave nearly as many knuckle prints around.