A method of generating dynamic password is disclosed. A method of generating a dynamic password comprising the steps of providing a plurality of variable parameters, each parameter from the plurality of variable parameters being variable upon predetermined criteria; providing a plurality of predetermined static parameters; and processing at least some of the plurality of variable parameters and of the predetermined static parameters according to a dynamic password generating equation manipulating at least some of the plurality of variable parameters and of the predetermined static parameters resulting in an ordered sequence of dynamic and static parameters.