SINGAPORE: The refund process for Prudential policyholders affected by erroneous deductions is under way on a rolling basis, the insurance company said in a Facebook post on Friday (May 25).
On Thursday, some Prudential policyholders encountered erroneous deductions from their bank accounts, with some reporting that they had seen a deduction of S$32,634.
AdvertisementThe Monetary Authority of Singapore (MAS) confirmed the incidents, but said that it was "not a cyber attack but an operational lapse".
MAS also said that it had directed Prudential and its payment bank, Standard Chartered Bank Singapore, to return the funds without delay; to keep customers updated; and to investigate the root cause of the incident.
Prudential has since updated their Facebook page with the follow-up steps that they intend to take.
"We are working as quickly as possible with our clearing bank to refund all customers by end of the day. We will be in touch with more updates," read the post.
AdvertisementAdvertisementThe insurance company also apologised for the error on Thursday and reassured customers that it was "working actively" to resolve the issue.
"We are very sorry for the inconvenience caused," said the company.
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