It builds a database of biometric information for hackers to exploit. Unlike a password, a fingerprint can't be changed. So in a few years, good luck convincing your bank that it wasn't really you who emptied your account.
Your fingerprints cannot be changed; however the finger you use to identify yourself can. AuthenTec's fingerprint scanner does require that the exact finger be used for authentication, so you could technically change your fingerprint for these purposes. The data is also highly encrypted. My suspicion is that Apple will also limit the amount of money that can be spent each day via what I assume will be Passbook, or they will allow us to set a limit. Also, your fingerprint would never be wirelessly transferred (nor would that be possible on iOS), rather your phone would transmit a confirmation of a successful scan during a transaction. Anyone attempting to hack your phone to sent false confirmations would need to physically acquire your phone and probably physically remove the flash drive(s) and then decrypt the info. By that time you would have already contacted Apple and restored the phone via Find My iPhone.
Ultimately I suspect the benefits far out weigh the risks.
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