P.R. Laws tit. 19, § 1051
2019-02-20 00:00:00+00
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 cancelling a payment order is that of the customer, or
(b) 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 —Aug. 17, 1995, No. 208, § 4-201; Aug. 31, 1996, No. 176, § 4.