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Password is the most commonly used technique for user authentication due to its simplicity and convenience. The main advantage of passwords is that users can memorize them easily without needing any hardware to store them. Efficient password authentication schemes are required to authenticate the legitimacy of remote users over an insecure communication channel. In this paper, we presented the survey of all currently available password based authentication schemes and classified them in terms of several crucial criteria. This study will help in developing different password based authentication techniques, which are not vulnerable to different attack scenarios. Two and three party key exchange protocols require secure authentication mechanism for achieving the required goals and satisfying the security requirements of an ideal password based authentication scheme. Smart cards, which are used in financial transactions require highly secure authentication protocols.