A rapidly reversing authenticity indicator for substrates such as secure documents, tags and labels is described. The authenticity indicator comprises a substrate having provided thereon a coating of a colorless chromogenic material, a binder material and optional pigment. An applicator is provided containing a developer material solution for the colorless chromogen. In one embodiment, the developer material solution is preferably an organic acid of five carbons or less and is selected to have a molecular weight of 102 or less, a pH of less than 5, and preferably positive vapor pressure. The coated substrate when contacted with the developer material in the applicator develops an intense color that persists momentarily rapidly reverting to substantially a colorless or pale form to provide a visual indication of authenticity without permanent discoloration of the substrate or inadvertent coloration or undue false positives.