Masked login form

Hello.

I have a question:
Is possible to implement masked login form? I think exactly about password field.
Explain:

Password field: _ _ _ _ _ _ _ _ _ _ (from max length)

system should ask about random chars from password, example:
Give me a 2, 5 and 7 chars from your password to verify your account

x _ x x _ x _ x x x (x = disabled field)

This is new method for secure login on not secure network.

Please, entertain this proposal.

Regards.