The Florida Senate

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.

History.--s. 1, ch. 91-70.