ActiveWords monitors visible text input in the Text Monitor, but automatically stops monitoring when the cursor is in a password field.

Password Field Protection
When ActiveWords identifies a password field, it turns off the Text Monitor and prevents ActiveWords substitutions from using the Windows Clipboard. This helps avoid displaying passwords as you type.
This feature is automatically enabled for Windows programs and popular browsers on supported Windows versions. It can be turned off in the Advanced Options tab if you want passwords to appear in the Text Monitor as they are typed.
See It In Action
Note: ActiveWords relies on documented methods for password field identification.