11 M.R.S. §4-1201: 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 cancelling 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 impose an obligation on the receiving bank or the customer and may require the use of: algorithms or other codes; identifying words, numbers, symbols or sounds; biometric identifiers; 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 or requiring a payment order to be sent from a known e‑mail address, Internet protocol address or telephone number is not by itself a security procedure.