“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.