Legal Seminar, Chicago, IL

 Default: Bank liable for unauthorized EFT  Bank can shift liability to customer if:  Bank and customer agree  To verify payment orders with commercially reasonable security procedure:  The security procedure is multifactor  The security procedure is not based on signature verification  Customer does not execute a written waiver  Bank complies with the security procedure in good faith:  Bank does not have actual knowledge of breach  Bank employs reasonable commercial judgment before permitting payment order UCC: Summarized

Domestic Privacy Regulation