You may have seen recent information about the hacks of the iPhone Touch ID biometric authentication system (here, here and here).
Biometric authentication has always been flawed, just like every other authentication technology. Smart card authentication systems--the gold standard for commercial authentication--can be broken. Authentication requires the balance of usability and cost; there's no sense in building a barn that costs more than the sheltered horse.
The attack is so "old hat," recalling the gummy bear days of yore. Apple should have added sufficient liveliness test capabilities to the system, a common biometric augmentation technique. It is likely that Apple will add these additional capabilities over time, some of which will not require a hardware change. Also, there are so many other--perhaps easier--methods to break iPhone authentication.
No one should rely upon a single authentication technology; defense-in-depth remains the best strategy. The layering of technology delivers the necessary identity authentication strength for applications. This is why adaptive authentication--including behavioral biometrics--will see broad adoption outside of the financial services vertical.
Local mobile biometrics--particularly when coupled with other layers--remains valuable. I'd place more stock in Touch ID over the typical PIN (I may change my assessment as we get more details). The attack on the former method is harder than the latter.