Hmm... Ok, can you run a few other tests for me...
1. If you enable Advanced CAPTCHA, can you right click on the image that you say is not appearing (I am assuming you did make the web.config changes needed for that?). Can you right click on the image and choose 'Show image properties' to get the hyperlink its attempting to use?
2. Can you temporarily disable the URL Master for this specific page or another test page and tell me if the issue works, we might need to figure out if there is a conflict between two modules.
Since it would have been in our installation notes when you configure Advanced CAPTCHA I am guessing you already tried these steps?
http://www.ifinity.com.au/Products/...amic+Forms I found this post too which has a few tips and might prove useful...
http://www.ifinity.com.au/Products/...cope/posts Thanks,
-Chad