Are You A Prudential Customer Affected By The Operational Lapse?

Imagine waking up one morning and finding out that your bank account was short of more than $30,000.

That’s what happened to several Prudential customers this week after operational errors hit the insurer.

EVERYONE, IF YOU HAVE ANY PRUDENTIAL POLICIES, READ!My sister just got $3,230.00 deducted from her bank account by…

Posted by Angela Lee on Thursday, May 24, 2018

The Monetary Authority of Singapore (MAS) confirmed the lapses on Thursday (24 May). In a release, the agency said,

Customer accounts of multiple banks were affected. This was not a cyber attack but an operational lapse.

Making quick amends

When alerted of the situation, Prudential sent this poorly-worded SMS to affected customers:

We apologises 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.

Given the bad English, we might have brushed it off as a scam, but it appears that it was legit.

Reports say that the erroneous deductions were credited back into customers’ accounts at around 9.30pm on Thursday, the day of the deduction.

Source

In addition to returning the funds, Prudential also said that it would make up for any lost interest.

What could have led to the error?

An industry insider spoke to Channel NewsAsia about possible reasons for the mix-up.

“(It seemed like) Prudential keyed in two more zeros by accident for the premium deductions,” he said.

But a Facebook user whose wife was affected by the deduction was not satisfied with his explanation.

Isn’t there a checking process? Sure maybe a staff made this error and missed out the decimal place, but isn’t there someone checking on this before submission to the bank?!

As of 9.30pm on Thursday night, no explanation was offered to him or his wife.

If anything, this incident shows that it pays – literally – to check your bank accounts regularly.

Featured image from Facebook.