Innovative automated Multi-Factor Out-Of-Band Authentication System with Transaction verification to counter emerging and existing fraud threats. The application is applicable for pretocting transactions/authentication for Online Banking, Telephone Banking, Mobile Banking, Extranet and VPN. Several integrations exists with standard technologies and standard libraries are provided for bespoke implementations. It uses both SMS and Telephony as the out of band channels. It is integrated with leading providers of Text To Speech, Speech Recognition and Voice Biometrics.