Additional Security Procedures for Wire Transfers Sample Clauses

Additional Security Procedures for Wire Transfers. Company shall require Authorized Wire Users to use one of the following security procedures to initiate a wire transfer through F&M BANK Online Banking Services. ● Two (2) correct User IDs and passwords; ● Authentication Tokens. Authorized Wire Users will receive an Authentication Token via a Mobile Device. To receive an Authentication Token, the Authorized User must (i) be authorized by the Company; (ii) provide certain information designated by F&M BANK regarding each Authorized User with which F&M BANK can, when necessary, confirm the identification of each Authorized User. ● An Authorized User should not request that an Authentication Token (soft) be sent to unsecure devices. Company agrees to instruct and monitor each Authorized User accordingly. Company agrees to be bound by any wire transfer initiated in compliance with the additional security procedures and devices described above, which are part of the “Security Codes” described in the Online Banking Services section. Company agrees to hold harmless F&M BANK from and against any loss caused by the failure by any Authorized Wire User to maintain the confidentiality of the Security Codes. Company expressly assumes the risk of loss with respect to any wire transfer initiated using any Security Code has not been maintained and/or protected according to the terms of this Agreement. POSITIVE PAY SERVICES Upon Company’s submission of a request for F&M BANK Positive Pay Services and the approval of the Implementation Form for this service, or upon its use of the service, whichever occurs first, Company agrees:
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