1. A transaction processing system having increased security, the system comprising: one or more first processors; first memory configured to be in communication with the one or more processors; first computer-executable instructions that, when executed on the one or more processors, perform acts to securely process a transaction for an item without receiving sensitive information, the acts comprising: receiving, over a network from a computing device and by the transaction processing system, first data comprising a request to conduct the transaction for the item, wherein the computing device comprises one or more second processors, a second memory, a presentation device, and second computer-executable instructions; receiving second data comprising a first dynamic password and a transaction phrase token, wherein the transaction phrase token: (i) comprises at least two grammatically correct words, each grammatically correct word separated by a space, (ii) is associated with one or more predefined rules specifying an item category or a transaction amount that is allowed when employing the transaction phrase token to conduct the transaction, and (iii) links to a payment instrument so that the transaction phrase token acts as a proxy for the payment instrument; accessing a second dynamic password accessible by the transaction processing service; accessing the one or more predefined rules associated with the transaction phrase token; based at least partly on the second dynamic password and the one or more predefined rules, triggering the one or more first processors to perform one of: approving the transaction based at least partly on: (i) the first dynamic password matching the second dynamic password, and (ii) at least one of the amount of the transaction being at or below the transaction amount specified by a first predefined rule of the one or more predefined rules or the item category of the item matching the item category specified by a second predefined rule of the one or more predefined rules; declining the transaction based at least in part on at least one of the first dynamic password not matching the second dynamic password, the amount of the transaction being above the transaction amount specified by the first predefined rule of the one or more predefined rules, or the item category of the item not matching the item category specified by the second predefined rule of the one or more predefined rules; or implementing one or more other authorization procedures based at least in part on at least one of the first dynamic password not matching the second dynamic password, the amount of the transaction being above the transaction amount specified by the first predefined rule of the one or more predefined rules, or the item category of the item not matching the item category specified by the second predefined rule of the one or more predefined rules.