Wrong premium deductions

Wrong decimal deductions: MAS reviewing probe findings of Prudential and StanChart

About 22,000 Prudential customers were affected by the "technical glitch" last month. Because the decimal point was missed in certain cases, Giro deductions that would typically be in hundreds of dollars ballooned to tens of thousands.
About 22,000 Prudential customers were affected by the "technical glitch" last month. Because the decimal point was missed in certain cases, Giro deductions that would typically be in hundreds of dollars ballooned to tens of thousands.ST FILE PHOTO

Prudential, StanChart say incident due to introduction of 'file format change' used for premium collection

The Monetary Authority of Singapore (MAS) is reviewing investigation findings of a "file format change" that caused the wrong deduction of monthly premium charges for more than 20,000 Prudential customers in Singapore last month.

Prudential and its payment bank, Standard Chartered Bank, said yesterday that the "isolated incident" was due to the "introduction of a file format change that was used for premium collection on the same day".

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A version of this article appeared in the print edition of The Straits Times on June 30, 2018, with the headline 'MAS reviewing probe findings of insurer, bank'. Print Edition | Subscribe