Research on Dynamic Password Identity Authentication Mechanism and Its Security Gu Yunhua , Liu Suying (School of Computer and Software , Nanjing University of Information Science and Technology , Nanjing , Jiangsu , 210044) Abstract: Identity Authentication based on password is main security mechanism in many application systems. Dynamic password is the trend of the Identity Authentication mechanism’s development. The three common dynamic password mechanisms in use are described in details in this article and their security is also analyzed. Keywords: dynamic password; time synchronization; event synchronization; challenge/response; security