Not if you are doing your login correctly. You shouldn't need to send passwords to a server to login, just hashes of passwords. That's the point. If your server ever needs to see a real password after the account is created or the password is updated, you have introduced a new vector of attack.
Done correctly, login is an exchange of hashes, not encrypted passwords.
A simple way to do this would be to send a unique, random salt S for every login, and the user would reply with e.g. sha1(password + S). However, to be able to check that the answer is correct, you would need to know the user's password, in plain text, which brings you back to square one.
To securely do this, you would need commutative hashing functions, i.e. hashing functions f(x) and g(x) such that f(g(x)) = g(f(x)). Actually, to be completely safe, you would need to be able to generate a whole (preferably infinite) family of commutative hash functions g(x), a random one for each login. I have no idea if such functions exist, more importantly, if they are known, it's an interesting idea actually.
