Considering how much the PlayStation Network breach cost Sony, it's kind of crazy that the service didn't offer two-factor login authentication before now. But, that's no longer the case. Protecting your PlayStation account is SMS-based (which has its own limitations) versus using an authenticator app, however. You can set up device passwords for the PlayStation 3 and Vita handheld, and, really, from there it doesn't differ much than you're used to with other apps and services.
Source: PlayStation
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