Can you summarize NVRS 104A.4201?

Short Summary

1.Security procedure means a procedure established by agreement of a customer and a receiving bank to: (a)Verify that a payment order or communication amending or cancelling a payment order is that of the customer; or (b)Detect 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. 3.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. (Added to NRS by 1991, 432)

Jurisdiction

Nevada

Source

• Banking