(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, call-back 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. [1991 c.442 §9]
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