Embodiments of the invention provide systems and methods for the storage of One-Time Passwords (OTPs) on a device (principal) that needs to authenticate from time to time. It utilizes recent availability of data storage capacity not previously exploited in this arena. Also disclosed is the means to initialize and modify the system (all principals) in a secure manner, and the means to store the OTP production means on a device in a secure manner, even if the device has no built-in protected storage.