Some interesting insight on security and Apple’s TouchID fingerprint sensor from a quite comprehensive review of the 5S by Andrew Cunningham over at Ars Technica…
For my part, what Touch ID did do was make me more comfortable with using a complex passcode to protect my phone. I protected my previous iPhones with a standard four-digit passcode and by turning the “wipe phone after 10 unsuccessful unlock attempts” option on (which we recommended if you’re using a simple passcode, since otherwise a determined attacker will eventually be able to input the correct code from one of the 10,000 possible combinations). Previously, a complex passcode was too inconvenient for me to bother with, since it made quickly unlocking my phone too difficult. Now, Touch ID makes it so that you only need to input that passcode in a limited number of scenarios—if your phone has just rebooted, if you haven’t unlocked your phone in 48 hours, or if you’re trying to change your phone’s security settings.
You can set a complex passcode by going into Settings/General/Passcode lock.
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