Dual Control refers to the segregation of duties such that one individual may initiate a transaction while a second individual may verify, approve, and/or release it. Dual Control is a required System Security Procedure for both the ACH and Wire Transfer Services. In the event Customer is not willing or able to designate two or more Users and segregate functions for security purposes, Bank will be relieved of responsibility for any unauthorized or inappropriate access to Customer’s Account(s) through the completion of Bank’s Waiver of Dual Control Form. For administrative functions, Dual Control is an optional System Security Procedure that reduces the potential for internal fraud and external compromise from malicious software, especially if the individuals performing the administrative function(s) in question use different access devices. When a security token device is used as part of the Credentials, Customer agrees to establish and implement physical, technical and administrative measures to prevent unauthorized use of such tokens. Losses that arise from unauthorized access to the System because of improper safekeeping of tokens are the responsibility of Customer. Customer agrees to notify Bank immediately if any tokens should be lost or placed in the custody of an unauthorized Person. Customer agrees to educate its Administrators and Users in appropriate security procedures including, but not limited to, signing off the System when they are not using it; the risks associated with opening email and/or attachments, especially those from unknown sources; and the risks associated with clicking on or opening pop-ups and web links. Customer agrees to maintain appropriate technological safeguards including, but not limited to, strong web content filtering and scanning, firewalls, and anti-virus, anti- spam, and anti-spyware systems. Customer acknowledges that it is Customer’s responsibility to keep hardware and software systems up-to-date, including the most current security patches. Customer acknowledges and agrees that Bank’s System Security Procedures and controls are commercially reasonable based on the size and complexity of Customer’s business and are appropriate for Customer’s Accounts. Customer further acknowledges and agrees that System Security Procedures and controls may change from time to time. If Customer, at any time, believes that security is insufficient or not commercially reasonable, Customer agrees to notify Bank immediately.
Dual Control means, in the context of this System, a control procedure whereby the active involvement of two people is required to complete a specified process. The pairs of people may be alternated, subject to adequate authorizations and Purchaser's decisions. These two instances of involvement may or may not have to be simultaneous.
Dual Control means the work of one person in processing transactions being verified by a second person and both sharing the accountability.
Examples of Dual Control in a sentence
Profinium strongly recommends a Dual Control process which requires the submission of any wire to be approved by a second authorized user.
More Definitions of Dual Control
Dual Control means that two employees maintain custody of a Currency and/or Coin shipment, and both verify it to the appropriate records.
Dual Control means a method or alternative automatic or car- switch control, so arranged that either may be used but not at the same time;
Dual Control means a security procedure whereby the consent of more than one Authorized Representative is required to initiate any Instructions.
Dual Control means that two employees maintain custody of a currency and/or coin shipment and both verify it to the appropriate records.You count the bags and verify the presence of the FRB identification. If You receive a container(s), verify that the containers all have FRB seals on them;
Dual Control means when a Service requires an Entry to be made by one Authorized Representative’s Security Device and approved by means of another Authorized Representative’s Security Device.
Dual Control when a Service requires an Entry or request to be made by one User’s security device and approved by means of another User’s security device.
Dual Control means that the services must be performed by i) Carrier's representative in the presence of one or more other qualified Carrier representatives, or ii) Carrier's representative working at all times under video camera surveillance (video camera surveillance shall provide full view of all work areas).