An F-RAM authenticating memory device and method providing secure mutual authentication between a Host system and a memory in order to gain read/write access to the F-RAM user memory contents. The device and technique of the present invention uses an Advanced Encryption Standard AES128 encryption module in conjunction with a true hardware random number generator and basic exclusive OR (XOR) functions in order to achieve a secure algorithm with a relatively small amount of processing. Due to inherently faster write times than that of conventional floating gate non-volatile memory technologies, the use of F-RAM significantly reduces the time available to interfere with a critical security parameter (CSP) update. Moreover, unlike floating gate technologies, F-RAM's read vs. write current signature is balanced making it less prone to side channel attacks while also providing relatively faster erase times.