- The Straits Times
Certain Prudential policyholders have discovered to their horror that there have been erroneous GIRO deductions in excess of their insurance premiums made from their bank accounts.
Some of those affected have taken to social media to vent their frustrations and spread awareness of the problem. In some cases, the amount that was deducted was 100 times the amount owed:
Prudential has responded to the problem in a notice on their website, and it says that the problem was a technical error and not a cyber attack.
The Monetary Authority of Singapore (MAS) has directed Prudential and its payment bank, Standard Chartered Bank Singapore, to refund the excess amount immediately and to investigate the root cause of the incident.
Prudential said it will credit the relevant amount deducted back into the accounts of those that have been affected within the next 24 hours. Any interest lost will also be refunded.