47-4A201. Security procedure
"Security procedure" means a procedure established by agreement of a customer and a
receiving bank for the purpose of verifying that a payment order or communication
amending or cancelling a payment order is that of the customer or 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.
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