§ 70A-4a-201. Security procedure.

Latest version.

(1)

"Security procedure" means a procedure established by agreement of a customer and a receiving bank for the purpose of:

(a)	verifying that a payment order or communication amending or canceling a payment order is that of the customer; or

(b)	detecting error in the transmission or the content of the payment order or communication.

(2)

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.

Enacted by Chapter 294, 1990 General Session

                    
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