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Glitch causes excess deductions from some Prudential policyholders' bank accounts
Some Prudential Singapore insurance policy holders discovered erroneous deductions from their bank accounts, the Monetary Authority of Singapore (MAS) said Thursday (24 May).
The incident was due to an operational lapse and not a cyber attack, said MAS.
Prudential Singapore posted a statement on Facebook on Thursday night saying it was aware of excess deductions from some of its customers’ bank accounts. Some customers had complained of being charged 100 times the correct amount – for example, instead of $402.64, one man said he was charged $40,264, while another individual’s $90.54 charge became $9,054.
“We are aware that a number of you have experienced a GIRO deduction in excess of your insurance premiums or a failed GIRO deduction. We have investigated the matter and found that this is due to a technical error. This was not a cyber attack. We are very sorry for the inconvenience caused,” said the statement.
Prudential aims to credit the relevant amount deducted back into customers’ accounts within the next 24 hours, it added. It also said it was “working actively” to resolve the issue as quickly as possible.
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