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How is Verification Code defined in a legal contract?

• Verification Code means the code given to the Data Collection Center by the taxpayer when starting an ACH Debit transaction. This code ensures the communication of payment information was accurate and complete. This code distinctly recognizes the finished communication of payment information and can be used for further study of the transaction. Seen in 4 SEC filings
• Verification Code means the sequence of numerals nominated by you for identification reasons, such as when utilizing Telephone Banking. Seen in 4 SEC filings
• Verification Code means the extra code that the cardholder must enter, if needed, when making remote payments or when saving card data with a merchant. On the Visa network, this verification code is known as “CVV2” or ""Card Verification Value"". Seen in 2 SEC filings
• Verification Code means the 6 digit code received via SMS to your registered mobile number when users open the application and request for the verification code. Seen in 2 SEC filings
• Verification Code means a unique 6-digit security code which is sent via SMS to the Subscriber's registered mobile phone number for the registration process. Seen in 2 SEC filings
• Verification Code means the code that we send you to be used the first time you access your account details using the Online Service. Seen in 2 SEC filings
• Verification Code means a sequence of symbols, which is created by cryptographic conversion of identification code, allowing to detect fake identification codes when codes are checked using a fiscal memory device and/or technical means designed to examine the verification code. Seen in 2 SEC filings

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Which definition should you use?

🤔 has combined and improved the above descriptions to create market-standard 'Genie definitions' below, with guidance on which documents and which industry to use for each.

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Genie Definition 1

Verification Code means a unique sequence of symbols, received via a chosen method, used for ensuring accurate and complete communication or identification purposes.

Relevant Contract Types

• Data Sharing Agreement
• Non-Disclosure Agreement
• Digital Service Agreement
• Software License Agreement

Relevant Circumstances

• When sensitive data needs to be handled.
• When unique identification is required.
• All digital transactions where user verification is necessary.

Relevant Sectors

• Financial Services
• Technology
• Healthcare
• Telecommunications

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Genie Definition 2

Verification Code means an additional code inputted by a user when engaging in remote transactions, to safeguard data.

Relevant Contract Types

• Online Sales Agreement
• Digital Service Agreement
• Software License Agreement

Relevant Circumstances

• Online shopping or e-commerce transactions.
• Business-to-business remote transactions.
• User registration for digital services.

Relevant Sectors

• Retail
• Technology
• Finance

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Genie Definition 3

Verification Code means a cryptographically generated sequence that detects fake identifications when checked with technical means.

Relevant Contract Types

• Data Protection Agreement
• Non-Disclosure Agreement

Relevant Circumstances

• Where highly sensitive information is being shared.
• In industries where secure identification is paramount.

Relevant Sectors

• Technology
• Government
• Financial Services

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