COVID-19: How to minimise risks related to payments

The extraordinary situation with coronavirus puts great demands on businesses’ contingency planning and ability to continue operations. In the payments area, there are a couple of things you can do to minimise operational risk.

 

Make sure someone can handle accounts and payments

Perhaps you often log on to one of our online solutions to get an overview of accounts and liquidity and handle payments

If you or some of your colleagues fall ill, it is important that you have made sure there is always someone available who is authorised to handle payments and maintain an overview of your business’ financial situation.

Do you use District?

If your business use our online solution District, the administration module enables you to see which employees have access to District and which access rights and mandates they have in District. 

It is a good idea to consider whether you should add more users or give existing users additional mandates in order to ensure that you are still able to handle your business’ payments if some of the employees fall ill because of coronavirus.

If your business has a District administrator, the administrator can add more users or provide additional mandates to existing users.

The administrator may also provide mandates for a limited period, but you must remember to delete them when you do not need them anymore – they will not be deleted automatically.

If your business does not have an administrator, we can help you – please just reach out to your Relationship Manager.

Authorisation by two persons jointly

If your business use District, you can use two-factor authorisation – also known as authorisation by two persons jointly. This means that all payments and transfers must be authorised by two District users, enabling you to minimise the risk of fraud.r t

Minimise the risk of IT-fraud in relation to coronavirus

In a crisis situation such as the current one with coronavirus, IT-fraudsters often become more active. They take advantage of the fact that businesses are focusing on minimising the consequences and spread of coronavirus and that employees are prone to take action quickly.

You therefore need to be aware of the increased risk of IT fraud such as CEO fraud and false invoices and emails related to payments. Fraudsters can be smart, and false emails and text messages often appear to come from key persons in the business.


Read more about how you can protect your business against IT fraud.

 


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