Statute: 670.201 : Security procedure.—
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TITLE XXXIX : COMMERCIAL RELATIONS
PART II : ISSUE AND ACCEPTANCE OF PAYMENT ORDER
670.201 Security procedure.— “Security procedure” means a procedure established by agreement of a customer and a receiving bank for the purpose of: (1) Verifying that a payment order or communication amending or canceling a payment order is that of the customer; or (2) 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.
