(1) "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 canceling a payment order is that of the customer; or (b) Detecting error in the transmission or the content of the payment order or communication.
(2) A security procedure may:
(a) Impose an obligation on the receiving bank or the customer; and (b) Require the use of algorithms or other codes, identifying words, numbers, symbols, sounds, biometrics, 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 or requiring a payment order to be sent from a known email address, IP address, or phone number is not by itself a security procedure.