Sociolatte

Now here's something useful for people who might forget their Facebook password and in addition lose access to their email. You might read the first sentence with a smirk on your face. However there are many people who lose access to their email accounts. You might think it's not possible - but it is. There might be many times when a user might forget their Facebook password and cannot open the recovery email sent to their email accounts. Facebook wants to make sure you can always gain access to Facebook no matter what happens. And to facilitate this Facebook has introduced something called Trusted contacts.

What is Facebook trusted contacts and how does it work
With Trusted contacts you can add 3 - 5 people who you think you trust the most. These friends need to be on Facebook and once you add them as trusted contacts. They will be notified and can help you if you ever lose access to your Facebook. Make sure you can contact these people offline - phone or someone you can visit physically. It's like giving your house key to a trusted friend. So once you lose access to your account call them up and let them know you want to recover your account. They can then help you out with a security code. Once you get your security code from at least 3 of them. You can enter then codes and gain back access to your account. There will be no need to add a security question and all of them. The codes are enough. Also good if your account gets hacked.

How to setup, enable turn on Trusted Contacts on Facebook.
You can click here to go to your security settings and enable Trusted Contacts or follow the steps below.
1. Login to Facebook
2. Click the cog icon and then choose account settings
3. On the left click on Security
4. Now click on trusted contacts
5. Choose trusted contacts
Save and you're done. The process has now started.

Source: Facebook Notes.

Please see video below if you need the visuals.
http://www.youtube.com/watch?v=cGBgogY2L7w