- Alaska Statutes.
- Title 45. Trade and Commerce
- Chapter 14. Funds Transfers
- Section 201. Security Procedure.
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. Exclusion of Consumer Transactions Governed By Federal Law.
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. Authorized and Verified Payment Orders.
AS 45.14.201. Security Procedure.
- (a) In this chapter, "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.
- (b) A security procedure may require the use of algorithms or other codes, identifying words or numbers, encryption,
call-back 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.
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