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Breaking News: Prudential Clients Are to Check Their Bank Statement Now!

1 min read

First thing first, if you are:

  • A Prudential Policy Holder
  • Paying for your Prudential Policy through Giro

Drop this article right away and head over to check your bank balance.

Deducted 100X the actual amount

Apparently, clients of Prudential are getting deducted 100 times their actual premium due to what we believe is a system glitch.

Here’s some information of what happened.

Prudential charging error

Update: 24 May 2018 – 10.30pm

OCBC has released a statement that they have rectified the affected accounts.

Customers who were affected are to check that the differences are transferred back into their accounts.

Update: 24 May 2018 – 11.00pm

Prudential has also released a statement on their Facebook:

” Dear customers,

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.

Please be assured that we are working actively to resolve the issue as quickly as possible, and together with our bank partner, intend to credit the relevant amount deducted back into your accounts within the next 24 hours. Any interest lost will be refunded and any erroneous charges will be reversed as soon as possible.

If you need further assistance, please call our customer hotline at: 1800-333-0-333. We will also be posting updates on our FB Page and website.”


What this means?

Firstly, thank god that it was a technical glitch. This means that client’s information might still be safe as compared to it being a hack into their security network.

Also, a good point to note here:

While GIRO Payment does give Singaporeans the convenience of not having to manually pay for their bills everytime it is up. Mistakes like this do happen.

Singaporeans are encouraged to track their spendings and bank balance regularly to make sure that incidents like this can be prevented first hand.

Check out our blog for more unbiased opinions on your personal finance journey.

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