A system and method for securing Radio Frequency Identification (RFID) transactions is provided. An exemplary method includes using a random number in an authentication tag and authorizing an RF transaction in response to verifying the authentication tag. The method may also involve variously validating an RFID device authentication tag and an RFID reader authentication tag. Additionally, a system and method is disclosed for verifying an RFID transaction device and RFID reader operable with an RF transaction system. The method involves presenting an RFID device to an RFID reader, receiving a random number, creating an RFID transaction device authentication tag using the random number and a counter value, providing the RFID transaction device authentication tag to an RFID reader, creating an RFID reader authentication tag using the counter, random number, and RFID authentication tag, and providing the RFID reader authentication tag and RFID transaction device authentication tag for authentication.