The system, which has a 99.7 percent accuracy rate at identifying users, makes it very difficult for hackers to use a stolen password.
"Consumers are quite comfortable with pins and passwords and things like our technology makes those more secure" says Costigan.
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Less is more
Another possible solution is a zero-interaction authentications (ZIA) system, where users do not need to interact explicitly with a machine or system in order to authenticate their credentials.
A team of researchers at the University of Alabama at Birmingham, led by Nitesh Saxena, an associate professor in the Department of Computer and Information Sciences, is working on safe and easy to use a ZIA system that they hope will eliminate the need for passwords.
Their system gives users a security token -- such as a mobile phone or a car key -- using an authentication protocol over a short-range, wireless communication channel, such as Bluetooth. It eliminates the need for a password and diminishes the security risks that accompany them.
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"Given the usability and security advantages of our ZIA mechanisms, we believe that they may serve as an attractive alternative to traditional password-based authentication, if not completely eliminate it." Saxena said.
In their system a user need only be in close proximity to the device that requires log in credentials to be allowed access, which is rather handy, if it turns out that you are forgetful, after all.
By Hamza Ali, special to CNBC.com, follow him at @Hamza_M_Ali