§ 8.4A-201. Security procedure
"Security procedure" means a procedure established by agreement of a customer and a receiving bank for the purpose of (i) verifying that a payment order or communication amending or cancelling a payment order is that of the customer, or (ii) 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.
(1990, c. 9.)
Sections: 8.4A-201 8.4A-202 8.4A-203 8.4A-204 8.4A-205 8.4A-206 8.4A-207 8.4A-208 8.4A-209 8.4A-210 8.4A-211 8.4A-212 NextLast modified: April 3, 2009