Here are some guidelines that I found in a recent similar situation.
I think what you might be looking to satisfy is possibly multi-factor
authentication' Pass phrases will not satisfy this because tenents are:

'Something you know', such as a password, PIN or an out of wallet
response.
'Something you have', such as a mobile phone, credit card or hardware
security token.
'Something you are', such as a fingerprint, a retinal scan, or other
biometric.

http://en.wikipedia.org/wiki/Two-factor_authentication

For the web, we were looking into mutual SSL a.k.a. Client Side
Certificates 'Something you have' in addition to the password 'Something
you know'. As yet, I'm not sure how effective it is or what the gotchas
are.

HOW TO: Secure an ASP.NET Application Using Client-Side Certificates
http://support.microsoft.com/kb/315588

SSL https requests with client certificates from ASP.NET
http://blogs.msdn.com/adarshk/archive/2004/07/19/187667.aspx

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