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SINGAPORE: Refunds have been made to the Prudential policyholders affected by erroneous deductions, the insurer's payment bank Standard Chartered Bank Singapore said on Friday (May 25). “We acted immediately and contacted all the respective banks servicing the impacted Prudential policyholders to reverse the transactions," the bank said. "As of 1.15pm this afternoon, we have been informed by all the respective banks that all inaccurately deducted amounts have been refunded to the policyholders.” A Prudential spokesperson later confirmed that all refunds have been completed, adding that customer policies were "not affected in any way". On Thursday, some Prudential policyholders encountered erroneous deductions from their bank accounts, with several telling Channel NewsAsia that they had seen deductions 100 times their premium amounts. The Monetary Authority of Singapore (MAS) confirmed the incident, adding 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.