Karvy Data Management OTP Scam Uncovered: Another Shocking Fraud Scheme
This article brings to light a worrying issue – the Karvy Data Management OTP Received Scam. This scam has been identified after numerous complaints have been made by those affected by it, with millions lost as a result. Unfortunately, this is not the first time we have highlighted similar scams; earlier we warned about an application which led to people losing millions. Therefore it’s essential for people to be aware of such schemes so as not to become victims themselves.
What Is the Karvy Data Management OTP Received Scam?
The Karvy KYC scam works by fooling individuals into thinking they have initiated an online KYC process with Karvy. Customers receive an OTP seemingly from Karvy with the message stating, “In reference to the KYC process initiated for PAN (your PAN number) with KARVY on (Date), with reference number (_), please be advised that email ID confirmation is a mandatory requirement of Aadhaar OVD; thus please ensure to confirm it before May 13, 2023 by clicking below link and providing OTP.”
Karvy Data Management OTP Scam Explained
The Karvy KYC scam is designed to create fear for people’s security, creating an urgent message warning them that failing to act quickly could result in their KYC verification being lost. According to reports, this scheme first emerged in 2019 and has caused over INR 11 billion worth of theft resulting in SEBI banning Karvy Stock Broking services. People must become familiar with what Karvy KRA KYC stands for as this service provided by Karvy Data Management System.
Can anyone confirm whether this is a scam or a legitimate email?
by u/us_against_the_world in india
Can anyone verify if this email from US against the World in India is fake or not?
KYC verification is mandatory for entities regulated by SEBI. Once Karvy was exposed as running multiple trading schemes through nine files including Karvy Consultant Limited, both BSE and NSE suspended its trading license.