Cool! I knew I wasn't the only one out there with this need. I wrote something similar over 10 years ago in old school PHP. I rewrote it recently enough for similar reasons as you (practice project). Mine is over at http://www.gifttracker.net/
Near the top of the page, a message will appear suggesting that they lock down their account with a password.
So to answer your question, nothing but knowing the user's email address stops someone from logging into their account.