System and method for dynamic multifactor authentication

1. A method of authenticating a user, the method comprising the steps of:

sending an authentication request to a remote authentication device;

at the remote authentication device, generating a first piece of authentication information based on the received authentication request;

receiving at a mobile device, the first piece of authentication information from an access terminal that is in communication with the remote authentication device, wherein the first piece of authentication information comprises an encrypted message;

generating, within the mobile device of the user, a second piece of authentication information which is at least partially based on the received first piece of authentication information, wherein generating comprises decrypting the encrypted message and including at least a portion of the decrypted message in the second piece of authentication information;

sending the second piece of authentication information to the remote authentication device;

validating the second piece of authentication information; and

if the second piece of authentication information is successfully validated, generating an authentication signal,

wherein the first piece of authentication information is presented as an image on a display means of the access terminal and captured therefrom using an optical acquiring means of the mobile device,

wherein the first piece of authentication information contains transactional information related to a transaction which the user wishes to make.

2. The method of claim 1 , wherein the first piece of authentication information is captured from the access terminal using a digital camera on the mobile device.

3. The method of claim 1 , wherein the step of generating the second piece of authentication information is done using one of International Mobile Equipment Identity (IMEI), information relating to the Subscriber Identity Module (SIM) or information specific to the mobile device of the user.

4. The method of claim 1 , wherein the second piece of authentication information comprises biometric data.

5. A system for authenticating a user, the system comprising:

sending means for sending an authentication request to a remote authentication device;

generating means at the remote authentication device for generating a first piece of authentication information based on the authentication request;

receiving means for receiving at a mobile device, the first piece of authentication information from an access terminal that is in communication with the remote authentication device, wherein the first piece of authentication information comprises an encrypted message;

generating means for generating, within the mobile device of the user, a second piece of authentication information which is at least partially based on the received first piece of authentication information, wherein generating comprises decrypting the encrypted message and including at least a portion of the decrypted message in the second piece of authentication information;

sending means for sending the second piece of authentication information to the remote authentication device;

validating means for validating the second piece of authentication information; and

generating means for generating an authentication signal if the second piece of authentication information is successfully validated by the validating means,

wherein the system is arranged such that the first piece of authentication information is presented as an image on a display means of the access terminal and captured therefrom using an optical acquiring means of the mobile device,

wherein the first piece of authentication information contains transactional information related to a transaction which the user wishes to make.

6. The system of claim 5 , wherein the system is arranged such that the first piece of authentication information is captured from the access terminal using a digital camera on the mobile device.

7. The system of claim 5 , wherein the system is arranged such that the generating means generates the second piece of authentication information using one of the International Mobile Equipment Identity (IMEI), information relating to the Subscriber Identity Module (SIM) or information specific to the mobile device of the user.

8. The system of claim 5 , wherein the second piece of authentication information comprises biometric data.

9. The system of claim 5 , wherein the mobile device comprises:

an optical input means;

a processing means; and

a display means.