Sony has quietly announced that PlayStation has 2-factor authentication options for player accounts. Also known as 2-step authentication, the system allows you to add an additional layer of security by adding an additional code after logging in with your email and password.
Sony has only partly set up the system, the implementation sends your phone a text message with a time limited code so you can log in. Other implementations use authenticator apps on your phone meaning you can instantly get a code and without needing a signal.
Passwords can be compromised if you use the same password for multiple accounts, click on malicious links, open phishing emails and other methods. If your password is compromised and becomes known to someone other than yourself, your account will still require a verification code to gain access when you activate 2-Step Verification.
Xbox has had 2-factor authentication for a while for those using Live/Hotmail/Outlook accounts and can be set up with multiple authenticator apps like Google Authenticator on iOS and Android or Microsoft Authenticator for Windows Phone, all of which work with other services like GMail, GitHub, EA/’s Origin, and Slack.