Common use of Security Measure Clause in Contracts

Security Measure. To better protect your company and its employees from lost Debit Cards or unauthorized use of the Cards, the Bank requires that employees each have a Personal Identification Number (PIN) and use the PIN to process transactions. Company and employees acknowledge that use of a PIN provides them with a commercially reasonable degree of protection and represent that each PIN shall be afforded the highest level of security by Company and employees and shall be known only to those persons who hold the card. Popular Bank assumes no duty to discover any breach of security by Company or employees or the unauthorized disclosure or use of the PIN. • The company is responsible for ensuring that Debit Cards are used only by representatives, and for the confidentiality and security of all PINs. The company shall be liable for all use, authorized or unauthorized, of the Cards and PIN numbers. The company shall notify Popular Bank immediately if it or any representative believes that any Debit Card has been lost or stolen, or if the PIN has been disclosed to an unauthorized party. After receipt of such notice, Popular Bank shall promptly void the use of the card.

Security Measure. To better protect your company and its employees from lost Debit Cards or unauthorized use of the Cards, the Bank requires that employees each have a Personal Identification Number (PIN) and use the PIN to process transactions. Company and employees acknowledge that use of a PIN provides them with a commercially reasonable degree of protection and represent that each PIN shall be afforded the highest level of security by Company and employees and shall be known only to those persons who hold the card. Popular Bank assumes no duty to discover any breach of security by Company or employees or the unauthorized disclosure or use of the PIN. • The company is responsible for ensuring that Debit Cards are used only by representatives, and for the confidentiality and security of all PINs. The company shall be liable for all use, authorized or unauthorized, of the Cards and PIN numbers. The company shall notify Popular Bank immediately if it or any representative believes that any Debit Card has been lost or stolen, or if the PIN has been disclosed to an unauthorized party. After receipt of such notice, Popular Bank shall promptly void the use of the card.