A processing device comprises a processor coupled to a memory and is configured to implement an overlay effects selection interface for use in conjunction with generation of a graphical password. An image is obtained and presented in the overlay effects selection interface with a plurality of user-selectable overlay effects. User input is received identifying at least one overlay effect selected from the plurality of user-selectable overlay effects, and a modified version of the image is presented incorporating the selected at least one overlay effect. Information characterizing the image and the selected at least one overlay effect is utilized to control access to a protected resource. For example, the information characterizing the image and the selected at least one overlay effect may be obtained as part of a graphical password enrollment process and stored as at least a portion of the graphical password for controlling access to the protected resource.