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BACKGROUND

0003. An online transaction, wherein “online” means over the internet or another network accessible by a personal com puter, is generally perceived as" risky’because the vendor cannot verify that the user and the payment instrument are not physically present at the point of sale, so the vendor cannot empirically verify that the payor's name on the payment instrument is that of the user. It is desirable to reduce the risk level as much as possible, particularly for online financial transactions such as direct payment services offered by the user's financial institution, credit card transactions, and debit card transactions. Systems for authentication of the user are implemented in order to decrease the risk involved in the online transaction. It has become generally known in the field of secured online transactions that a single-factor authentica tion system, typically using private information Such as a username …