Instead of a readonly master branch there is one main-repository that only a selected group of maintainers have write access to. Whenever you want something merged from the development repos into the main-repo, they'd have to notify the maintainers and have them do it.
In the old days I would emphasize that people should not select the remember passwords option because (besides the fact you tend to forget what the browser remembers) a bad guy could display the password (if he knew how) and read it there, and then use it later.
Then on the bad side, if someone walked up to your computer just after you logged in to a gaming site, then they could probably pull up your banking password as your master password would still be in memory, would it not?
As far as banking goes: many banks use two factor authentication (such as ID, password + number from single use password list). I don't use banks/brokers/etc. which allow using them with just ID+password, as such authentication info get leaked too easily.
Key store allows you to use master password to store a lot of passwords. Instead of many good passwords, you need only one good password. This password is supposedly easier to remember as it is often needed. Because of less passwords to remember people afford to use more complex password as master password.
Some applications like Firefox (and Safari and so on) allow you to synchronize your passwords between your devices. Such service is very convenient.Because the synchronization often goes through quite a few servers, all those who can see the traffic may try recovering your passwords. At least the parties who are able to break your master pass most likely get access to all your passwords.
A Firefox Master Password was a good feature introduced, it helps save time for typing every password on every website, as you pointed.There are data files to obtain that password, your saved passwords are encrypted with them.
In answer to your question about the password being in memory, it will stay in memory until you restart your firefox AFAIK, but, if someone tries to access your saved passwords even if it's already in memory, you would be prompted again as you can test, as far as accessing websites, yes, it would still give access if you have saved credentials in them, although there's no way in retrieving any passwords without the master password, that's why it was implemented.
It's a widely-known manager for storing and keeping your passwords "more secure", it has also plugins for different browsers including Firefox that i use.It also has generating "random-secured" passwords with different options and number of characters you'd like. In my opinion that's the safest way you can protect your passwords, and it's easy to setup.It has many features including one to scan your passwords and display how secure are they in a score board between 0 and 100, depending on multiple factors, and suggests how you can improve them.
As long as you protect your password for that site or use the other possible ways of authentication that it provides, including Fingerprint and Card Reader authentication, you must have reader devices of-course.
Master passwords and encrypting them on your computer further than what the OS already offer shows this is nothing more than security theater. Although it is convenient, it still leads to risky practices, and even worse makes it easier to forget your passwords.
I'm the Chrome browser security tech lead, so it might help if I explain our reasoning here. The only strong permission boundary for your password storage is the OS user account. So, Chrome uses whatever encrypted storage the system provides to keep your passwords safe for a locked account. Beyond that, however, we've found that boundaries within the OS user account just aren't reliable, and are mostly just theater.
We've also been repeatedly asked why we don't just support a master password or something similar, even if we don't believe it works. We've debated it over and over again, but the conclusion we always come to is that we don't want to provide users with a false sense of security, and encourage risky behavior. We want to be very clear that when you grant someone access to your OS user account, that they can get at everything. Because in effect, that's really what they get.
This shows one thing: You're trying to protect your information at the wrong end of the chain. Make sure your OS and computer are safe. That will go miles further than encrypting your passwords in static storage on the same machine you use to browse the web.
On a non networked computer, make an encrypted file with a copy of your passwords in it and password protect it with a strong password. Then turn it off. Never use it for anything other than when you need to recover your passwords.
Firefox's "remember password" combined with a master password is the equivalent of a cloud-based password manager with excellent browser integration, local encryption, and automatic sync, but lacking pretty much any other features. Here's why I say that:
Firefox Sync stores your passwords on Mozilla servers, but it does not store them in plaintext. They are encrypted locally using a key derived from your Firefox Sync password; the Mozilla servers never get the plaintext passwords. When you log into Firefox on another device, your encrypted passwords are downloaded, and decrypted locally. This is similar to popular cloud-based password managers like LastPass.
Since your passwords are encrypted locally before sending them to the server, Mozilla cannot access them. Thus, when you forget your Firefox Sync password, you lose any data stored on Mozilla's servers, so you'd better hope you still have a local copy. Again, this is consistent with any good password manager.
Where Firefox differs, is that its passwords are actually stored locally in unencrypted form by default. That's where the master password comes in. Like the sync password, the master password never reaches Mozilla; it is used only locally, to decrypt the local data for use. There are some concerns that the PBKDF used for the master password is not as strong as that used for the sync password, so it is potentially vulnerable to dictionary attack; but a strong, randomly-generated password or passphrase should make up for that.
The master password also encrypts saved Firefox Sync credentials, so you still only need to enter a single password to get access to all of the password manager features in Firefox, even though under the hood the Sync password is separate from the master password. However, this does mean you need to set up your master password separately on every device. The master password is not synced between devices, it is only used to encrypt the data locally. This makes Firefox's password manager features a little easier to screw up than dedicated apps.
One of the big things you point out, is that someone sitting down at your computer when you step away, could view your saved passwords still, if you leave yourself logged into Firefox with your master password. This is a shortcoming most password managers can mitigate with a timeout period that locks the password database. There are extensions for Firefox that can do the same thing.
That's really up to you, but I (and people smarter than me) certainly recommend using a password manager. I prefer a more fully-featured password manager (specifically, KeePass) but a properly configured Firefox with a strong master password and a strong sync password should do the job. If the choice is between Firefox with a master password, vs. no password manager at all, I think you should go with Firefox. It encrypts all the data in smart ways that prevent anyone (including Mozilla!) from getting it in case of a stolen device or server breach, yet still provides the convenience needed to create and use strong passwords everywhere with very little effort.
But really, I think features you can get from "real" password managers, like strong password generation, non-browser passwords, secure storage of non-password data, linking sites together that share credentials, multi-browser support, etc. are worth trying out if you're willing to step outside of the browser.
For a simple proof, go to any login prompt with a saved password field. I'd recommend looking at your bookmarks, and trying to find one named "My Bank". Click the username field, then pick the top listed entry. The password should auto-fill with asterisks or dots. Right click on the password and pick "Inspect Element". In the inspector window, locate the type="password" attribute, highlight it, then hit delete. Press enter, and the password is revealed in the browser.
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