670.201 Security procedure.—“Security procedure” means a procedure established by agreement of a customer and a receiving bank for the purpose of:
(1) Verifying that a payment order or communication amending or canceling a payment order is that of the customer; or
(2) Detecting error in the transmission or the content of the payment order or communication.
A security procedure may require the use of algorithms or other codes, identifying words or numbers, encryption, callback procedures, or similar security devices. Comparison of a signature on a payment order or communication with an authorized specimen signature of the customer is not by itself a security procedure.
History.—s. 1, ch. 91-70.
Section: 670.201 670.202 670.203 670.204 670.205 670.206 670.207 670.208 670.209 670.21 670.211 670.212 NextLast modified: September 23, 2016