Passwords have existed since the 1960s, when Fernando Corbato invented them for the Compatible Time-Sharing System (CTSS). As the first mode of authentication, it has been instrumental in protecting access rights to digital services for decades. However, a sharp rise in cyberattacks and financial frauds has been seen in the twenty-first century, especially in developing countries like those in south and southeast Asia. These utilize social engineering and phishing to make a legitimate user give up his credentials. In the past few years, the rise of hardware-backed cryptography and cryptographic authentication technology has risen and is now being adopted as a strong alternative mode of authentication. The efforts of the FIDO Alliance has made Passkeys a strong authentication form and is now being adopted to various web services, including banking services to have phishing resistant authentication and fight these cyberattacks.