Latest news with #AbhishekWalia
News18
6 days ago
- Business
- News18
What's The ‘Activate Your New Credit Card' Scam And How To Stay Safe?
Fraudsters are increasingly using impersonation tactics, posing as bank officials, to trick credit card holders into revealing their sensitive information. In today's digital world, a credit card is crucial for securing online transactions, shopping and healthcare access. Credit cards have also become a target for fraudsters who exploit this through various tactics. The cases of credit card scams are on the rise and individuals often fall victim to these attacks when they unknowingly share sensitive information with imposters posing as legitimate entities. In one of the most alarming threats, fraudsters are increasingly using impersonation tactics, posing as bank officials, to trick credit card holders into revealing their sensitive information like OTPs and card details under the guise of activating new cards. It seems like a regular call when the caller gains your trust by confirming basic information before attempting to steal money. In Mumbai, fraudsters imitating bank officials scammed at least 19 people, causing losses of over Rs 8 lakh in May 2025 alone. According to CA Abhishek Walia, 'Fraudsters pretended to be bank telemarketing agents, saying they needed card info to 'activate" the new cards. Once card and CVV details were shared, they executed multiple unauthorized transactions." If someone calls claiming to help you activate your credit card and then asks for your OTP (One-Time Password), it is a scam. Bank representatives will never ask for your OTP over the phone for credit card activation or any other purpose. Always verify such requests by contacting your bank directly. Here's how you can protect yourselves from such credit card scams. Review your account regularly: It is advisable to regularly review your card transactions as a proactive measure to detect and prevent unauthorised charges. This practice allows for the timely identification of any suspicious transactions, enabling you to promptly report them and potentially prevent further financial loss. Enable real time alerts: Setting up email and SMS alerts for each credit card transaction is a good security practice. These notifications give immediate notification of any unauthorised expenditure, allowing cardholders to detect and resolve any fraud. By promptly reviewing transaction details and reporting suspicious activity, cardholders can reduce potential losses and prevent additional illegal card use. Don't share your card information: It is crucial to never share your One-Time Password (OTP), Card Verification Value (CVV), or Personal Identification Number (PIN) with anyone, even if they claim to be from your bank. Banks will never ask for this sensitive information. Set transaction limits: Reducing your credit card limit to zero when not actively using the card can significantly minimise potential financial loss if the card is compromised, as it prevents unauthorised transactions. Most banks now allow for quick and easy adjustments to credit card limits, including setting them to zero. Act quickly: According to RBI guidelines, if you report an unauthorizsed banking transaction to your bank within three working days of receiving the communication about the transaction, you may have zero liability for the loss. To protect against unauthorised use of your credit card, you should immediately file a written complaint, freeze the card, and keep a copy of the complaint for your records. About the Author Business Desk First Published: News business What's The 'Activate Your New Credit Card' Scam And How To Stay Safe? Latest News Watch: Indian Cricket Team Meets King Charles III At St. James Palace Cricket Agency feeds SBSP leader Arvind Rajbhar booked over press conference at Mau Railway Station Agency feeds New Super Chennai website aims to make the city a global frontrunner Agency feeds Justice Vibhu Bakhru sworn in as Chief Justice of Karnataka High Court Agency feeds Murder convict on the run on jail caught with stolen bike in Thane district latest news
Mint
17-07-2025
- Business
- Mint
'Sir, we're activating your credit card'—How one call almost emptied your bank account
It started like any regular post-delivery routine. Abhishek Walia had just received his new credit card when he got a call from someone claiming to be from the card issuer. The voice was calm, courteous, and well-spoken. 'Sir, we're helping customers activate their cards quickly to avoid deactivation,' the caller said. What followed was a script that felt disturbingly legitimate. The caller confirmed Abhishek's name, his bank, and the last four digits of the credit card—details that would make anyone believe the call was real. Slowly, the caller asked for the card expiry date, the CVV, and eventually, an OTP that had just landed on Abhishek's phone. Something didn't feel right. 'I asked why they needed my OTP for card activation. He said it was mandatory. That's when I hung up,' Abhishek wrote in a now-viral LinkedIn post. Trusting his instinct, he called the official customer care number—only to find a fraud transaction had just been attempted using his card. Fortunately, it was blocked. He was lucky. Many others aren't. Here are some simple, actionable steps you can implement to stay ahead of fraud and stay safe: 1. Enable real time alerts: Always enable email or SMS alerts for each credit card transaction. It will ensure you receive communication immediately upon any unauthorized spend which allows you to take necessary action before any harm is caused. 2. Regularly review your account: Make it a habit to daily view card transactions online or to view through your banking app. It takes just a minute each day to see if unexpected charges come up, and perhaps catch it early. 3. Don't give out your card information: Never share your OTP, CVV number or PIN (even to people who say they are from your bank). Banks do not want this information from you. 4. Set daily or transaction limits: If you reduce the limits on your credit card to zero you will minimise loss in the event that your card gets compromised. These limits can now be set in a few seconds on most banking apps. 5. Be aware of POS and ATM devices: Before using them, always check the keypad and card slot are intact. If you see anything suspicious sticking out of the slot or anything loose, do not finalise the purchase. 6. Act quickly if you notice fraud: Under RBI rules, you may find you have no liability if you report an unauthorised transaction within 3 working days. Put in a written complaint, freeze the card immediately and keep a copy. 7. If not solved, escalate: If your bank will not take any action or is delaying, then take all of the additional documentation to the RBI Ombudsman. The sooner you escalate, the sooner the resolution happens. Abhishek's quick thinking saved him from financial loss. But his story is a reminder that scams no longer come with red flags and broken English—they come dressed as customer service. So the next time someone calls to 'help' you activate your credit card, remember: help shouldn't ask for your OTP. For all personal finance updates, visit here. Disclaimer: Mint has a tie-up with fin-techs for providing credit, you will need to share your information if you apply. These tie-ups do not influence our editorial content. This article only intends to educate and spread awareness about credit needs like loans, credit cards and credit score. Mint does not promote or encourage taking credit as it comes with a set of risks such as high interest rates, hidden charges, etc. We advise investors to discuss with certified experts before taking any credit.
India Today
09-07-2025
- Business
- India Today
Will Rs 2,000 SIP make you rich? CA breaks it down
'Start a SIP. Stay invested. Retire rich.' It's advice most people have heard at some point. But Chartered Accountant Abhishek Walia says that's not the full a recent LinkedIn post, Walia said that just starting a SIP isn't enough. Without knowing what you're saving for, even a disciplined investment habit can fall short. 'A Rs 2,000 SIP isn't enough,' he wrote, 'unless it's mapped to your actual life goals.'advertisementHe explained that many people proudly talk about SIPs they've been running for years—Rs 1,000 or Rs 2,000 a month. But when you look at what those investments actually add up to, the numbers can be disappointing. A Rs 2,000 monthly SIP over 25 years at 12% returns would grow to around Rs 34 lakh. That sounds like a lot, but Walia pointed out it might not even cover a year of post-retirement medical expenses, once you factor in inflation and rising what should investors do?Walia says SIPs are a great tool, but they need to be linked to specific goals. 'Once you know your targets,' he wrote, 'SIPs can be reverse engineered.' That means figuring out how much money is needed for things like retirement, a child's education, an emergency fund or a home down payment—and then planning investments also advised against the idea of just starting an SIP and forgetting about it. Life changes, and so should the amount you're investing. 'Don't just 'start early.' Start with purpose,' he advice is a reminder that investing is not just about habits, but also about direction. A SIP that's connected to clear goals, he said, becomes much more powerful. Without that, it's just another monthly expense.(Disclaimer: This article is for general informational purposes only and does not constitute financial advice. Readers are encouraged to consult a certified financial advisor before making any investment or financial decisions. The views expressed are independent and do not reflect the official position of the India Today Group.)- EndsMust Watch
News18
30-06-2025
- Business
- News18
Start With Goals, Not Just SIPs: CA's Advice To GenZ Investors
Last Updated: CA debunks the myth that starting a SIP equals smart financial planning, stressing the need for clear goals, timelines, and the right asset class. A CA has debunked the common misperception that mere starting a SIP equates to smart financial planning, saying, 'A SIP is a vehicle, not a destination,". In his post, CA Abhishek Walia, Founder of Zactor Tech, challenges a common belief among millennials and Gen Z—especially those in their 20s and 30s—that simply starting a SIP (Systematic Investment Plan) equals smart financial planning. The finance expert warns that without clarity on investment goals, timelines, and the right asset class, SIPs can become a case of 'expensive guesswork." Walia breaks down the common pitfalls of passive investing and urges young professionals to start with a goal, calculate the required corpus, and then plan monthly contributions accordingly. He suggests a structured approach: A SIP (Systematic Investment Plan) is a simple and disciplined way to invest in mutual funds. Instead of investing a large lump sum, you invest a fixed amount regularly—like Rs 500 or Rs 1,000 every month—into a mutual fund scheme. Financial goals are targets to achieve specific financial objectives within a specified timeframe. By establishing clear financial goals, one can take control of finances and work towards securing financial future. A good financial goal should be SMART i.e. Specific, Measurable, Achievable, Realistic and Time bound. First Published: June 30, 2025, 15:38 IST
India Today
27-06-2025
- Business
- India Today
Why saving 30% of your income isn't always possible, CA explains
Most of us have heard the golden money rule of saving at least 30% of your income every month. But is this really practical for everyone? Many young earners and families living in big cities would say no, and they're not finance advisor and CA Abhishek Walia argues that this rule doesn't accommodate the diverse financial realities many individuals wrote on LinkedIn, "Why saving 30% of your income isn't always possible (and that's okay). Save at least 30% of your income every month. You've probably heard this golden rule in every personal finance blog, podcast, or YouTube video." He added, "But here's the thing nobody tells you: if you're living in a metro, paying EMIs or high rent, supporting parents, or building your career from scratch... Saving 30% can feel impossible."This is the reality for millions today. Big city rents, loan repayments, daily expenses, and family responsibilities can make saving feel like a luxury. For those supporting families or beginning their careers, setting aside a significant portion of their income can be particularly further says that not meeting this savings benchmark should not lead to feelings of financial irresponsibility. "Personal finance is personal," he reminds us, emphasising that financial situations are varied and suggests that there are periods where saving even a modest 5-10% can be considered a success, and there are times when prioritising an emergency fund is more crucial than investing in systematic investment plans (SIPs).For some, investing in skills or education could be more useful than forcing big savings targets. 'There are years when investing in your skills brings better ROI than locking cash into ELSS,' Walia says.A practical framework suggested by him includes tracking expenses to understand where money is allocated, saving realistic amounts—even if it's just Rs 1,000 a month, and focusing on increasing income rather than merely cutting advocates for automating small financial wins and maintaining consistency over seeking perfection. "You're not behind - you're just building your base. And that's powerful in itself," he insights resonate with many who struggle to meet conventional savings goals. He stresses that everyone's financial journey is different and that financial advice is not one-size-fits-all.- EndsMust Watch
