Abstract: Provided is a system and method for authenticating a financial transaction using a dynamic code tied to a preset monetary limit. The dynamic code is generated at the user's mobile device and linked to the preset monetary limit. The user uses the generated dynamic code instead of his or her static automated teller machine (ATM) personal identification number (PIN). The dynamic code, transaction data, and financial account data are transmitted to a validating entity for authorization of the transaction. If the withdrawal request exceeds the preset monetary limit, a request is sent to the user's mobile device for an additional authorization of the new amount or the transaction is rejected based on the information in the user's profile. The dynamic code may also be generated for use in Internet transactions and web payment transactions.