Prudential customers - check ure bank a/c!~

satan_gal · 25-05-2018, 11:15 AM

Better check!

https://www.channelnewsasia.com/news...-from-10275512

Prudential policyholders affected by erroneous deductions from bank accounts

SINGAPORE: Some policyholders of Prudential have encountered erroneous deductions from their bank accounts, the Monetary Authority of Singapore (MAS) confirmed on Thursday (May 24).

"Customer accounts of multiple banks were affected. This was not a cyber attack but an operational lapse," said MAS in a media release.

Multiple affected customers approached Channel NewsAsia and took to social media on Thursday to complain about "unauthorised fund transfers" and erroneous premium deductions from their bank accounts.

A Channel NewsAsia reader, who wanted to be known only as Ms Huang, said she was notified of an unauthorised fund transfer of more than S$50,000 from her HSBC bank account at about 3.45pm.

When she called the bank, they advised her that they had received numerous phone calls from customers reporting unauthorised transactions on their bank accounts.

She added that her advisor sent her a message of apology from Prudential around 8pm.

The message read: "Good evening. We apologise for the technical error on the billing. Some clients are over-charged today. Currently they are already investigating on the matter and will get it rectified ASAP."

A Facebook user named Terence Tan said a total of S$32,634 was deducted from his wife's bank account when it should have been S$326.34.

The 41-year-old operations executive told Channel NewsAsia that the money was later credited back into his wife's account around 9.30pm. He added that no explanation has been offered to him or his wife so far.

Another user, Angela Lee, said S$3,230 was deducted from her sister's bank account, instead of S$32.30. When she called Prudential regarding the mistake, she was told it was an "IT glitch".

An industry insider who requested anonymity said it seemed "like Prudential keyed in two more zeros by accident for the premium deductions."

ERRONEOUS DEDUCTIONS A TECHNICAL ERROR: PRUDENTIAL

MAS said in its statement on Thursday that it has directed Prudential and its payment bank, Standard Chartered Bank Singapore to return the customer funds without delay, to keep customers updated, and to investigate the root cause of the incident.

"We take a serious view of such operational lapses and will take follow-up supervisory measures where appropriate.”

In an email to Channel NewsAsia, Prudential confirmed that "a number of our customers experienced a GIRO deduction in excess of their insurance premium or a failed GIRO deduction".

"We have investigated the matter and found that this is due to a technical error," said a Prudential spokesperson.

"This was not a cyberattack. We are very sorry for the inconvenience caused."

The spokesperson added it was working with its bank partner to resolve the issue as quickly as possible" and to credit the relevant amount deducted back into customers’ accounts within the next 24 hours.

"Any interest lost will be refunded and any erroneous charges will be reversed as soon as possible," the spokesperson added.

OCBC bank addressed its customers on Facebook saying that they have rectified the accounts of those affected "by an error in GIRO deduction requests by Prudential".

"Customers who were affected should already see the erroneous transactions reversed in their bank accounts," added the bank.

CZQ · 26-05-2018, 08:41 PM

the banks are also at fault. they should not transfer the amount if is not correct. it is 100 times more.

bedoklist · 26-05-2018, 09:17 PM

Ever wonder when there is a technical error, the amount deducted is always more and not less.

50cents · 29-05-2018, 07:08 PM

Thanks for sharing

satan_gal · 30-05-2018, 11:06 AM

Latest news is that they will give $100 to all customers whose policy giro deduction falls on 24 May.

Wasted, my laobu one is 21 May.

mictok · 30-05-2018, 12:00 PM

There are many clients that got 100x of the premium for them to deduct??

Thinking that $2000 premium become $200k.........

CZQ · 30-05-2018, 01:14 PM

Quote:

Originally Posted by mictok

There are many clients that got 100x of the premium for them to deduct??

Thinking that $2000 premium become $200k.........

If not enough money should be cannot deduct. But again the bank should check before transfer.

25-05-2018, 11:15 AM	#1
satan_gal Dragon Join Date: Apr 2006 Posts: 1,714	Prudential customers - check ure bank a/c!~ Better check! https://www.channelnewsasia.com/news...-from-10275512 Prudential policyholders affected by erroneous deductions from bank accounts SINGAPORE: Some policyholders of Prudential have encountered erroneous deductions from their bank accounts, the Monetary Authority of Singapore (MAS) confirmed on Thursday (May 24). "Customer accounts of multiple banks were affected. This was not a cyber attack but an operational lapse," said MAS in a media release. Multiple affected customers approached Channel NewsAsia and took to social media on Thursday to complain about "unauthorised fund transfers" and erroneous premium deductions from their bank accounts. A Channel NewsAsia reader, who wanted to be known only as Ms Huang, said she was notified of an unauthorised fund transfer of more than S$50,000 from her HSBC bank account at about 3.45pm. When she called the bank, they advised her that they had received numerous phone calls from customers reporting unauthorised transactions on their bank accounts. She added that her advisor sent her a message of apology from Prudential around 8pm. The message read: "Good evening. We apologise for the technical error on the billing. Some clients are over-charged today. Currently they are already investigating on the matter and will get it rectified ASAP." A Facebook user named Terence Tan said a total of S$32,634 was deducted from his wife's bank account when it should have been S$326.34. The 41-year-old operations executive told Channel NewsAsia that the money was later credited back into his wife's account around 9.30pm. He added that no explanation has been offered to him or his wife so far. Another user, Angela Lee, said S$3,230 was deducted from her sister's bank account, instead of S$32.30. When she called Prudential regarding the mistake, she was told it was an "IT glitch". An industry insider who requested anonymity said it seemed "like Prudential keyed in two more zeros by accident for the premium deductions." ERRONEOUS DEDUCTIONS A TECHNICAL ERROR: PRUDENTIAL MAS said in its statement on Thursday that it has directed Prudential and its payment bank, Standard Chartered Bank Singapore to return the customer funds without delay, to keep customers updated, and to investigate the root cause of the incident. "We take a serious view of such operational lapses and will take follow-up supervisory measures where appropriate.” In an email to Channel NewsAsia, Prudential confirmed that "a number of our customers experienced a GIRO deduction in excess of their insurance premium or a failed GIRO deduction". "We have investigated the matter and found that this is due to a technical error," said a Prudential spokesperson. "This was not a cyberattack. We are very sorry for the inconvenience caused." The spokesperson added it was working with its bank partner to resolve the issue as quickly as possible" and to credit the relevant amount deducted back into customers’ accounts within the next 24 hours. "Any interest lost will be refunded and any erroneous charges will be reversed as soon as possible," the spokesperson added. OCBC bank addressed its customers on Facebook saying that they have rectified the accounts of those affected "by an error in GIRO deduction requests by Prudential". "Customers who were affected should already see the erroneous transactions reversed in their bank accounts," added the bank.

26-05-2018, 08:41 PM	#2
CZQ Arofanatic Join Date: Dec 2015 Posts: 290	the banks are also at fault. they should not transfer the amount if is not correct. it is 100 times more.

26-05-2018, 09:17 PM	#3
bedoklist Dragon Join Date: Oct 2003 Posts: 1,160	Ever wonder when there is a technical error, the amount deducted is always more and not less.

29-05-2018, 07:08 PM	#4
50cents New Member Join Date: Jul 2013 Posts: 4	Thanks for sharing

30-05-2018, 11:06 AM	#5
satan_gal Dragon Join Date: Apr 2006 Posts: 1,714	Latest news is that they will give $100 to all customers whose policy giro deduction falls on 24 May. Wasted, my laobu one is 21 May.

30-05-2018, 12:00 PM	#6
mictok Dragon Join Date: Aug 2006 Posts: 1,590	There are many clients that got 100x of the premium for them to deduct?? Thinking that $2000 premium become $200k.........

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