SECTION 670.201. Security procedure.

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1“Security procedure” means a procedure established by agreement of a customer and a receiving bank for the purpose of:
20(1) 21Verifying that a payment order or communication amending or canceling a payment order is that of the customer; or
40(2) 41Detecting error in the transmission or the content of the payment order or communication.
55A 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.

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