You will find some interesting methods in the article by typekit : "Serving and Protecting Fonts on the Web"
They use methods like HTTP Referrer checking, base64 encoding, segmenting. However none of these provide complete protection and one has concur with this statement from the article:
The fact is, for something to appear in a browser, it has to be on the web. If it’s on the web, it can’t be completely protected....We’ve put up a few hurdles of our own. Our intent is only to discourage casual misuse and to make it clear that taking fonts from Typekit is an explicit and intentional act.
The second thing to bear is that the licensee can always disregard the agreement, and that is why companies like Adobe which produces one the most excellent fonts states the usage terms including for the web in Font licensing page.
See also the Font Licensing Issues discussed in the W3 CSS3 webfonts spec.