Sources: CCC [press release], Is Touch ID Hacked Yet [YES!], YouTube [CCC]
quote: Touch ID is only one part of your iPhone’s security system. In setting it up, you must also set up a passcode (as a fallback identification system in case fingerprint recognition fails). If you choose not to use the fingerprint scanner, you can always swipe to the right on the lock screen at any time to access the passcode entry screen.