Subscription Scams: What You Didn't Sign-up For
What are subscription scams?
Subscription scams come in several forms:
- Phishing emails and texts: Scammers impersonate reputable companies, sending messages that prompt users to renew subscriptions or update payment info, leading to fraudulent websites aimed at stealing personal and financial details.
- Fleeceware apps: These are mobile applications that charge exorbitant subscription fees for basic functionalities. They often lure users with free trials that transition into costly subscriptions if not canceled on time.
- Dark web sales of stolen accounts: Cybercriminals sell access to compromised subscription accounts on the dark web at discounted rates.
Red flags to watch out for:
Here are some red flags that can alert you to a possible subscription scam:
- An offer that is too good to be true: If you’re offered free samples and a generous trial period for an otherwise expensive product or service, be wary. It may be a scam in which the trial ends abruptly and you’re hit with sudden high fees.
- Misleading or buried fine print: If you can’t find the fine print on a subscription, you may be looking at a scam.
- Unclear cancellation terms: If canceling a subscription involves a confusing and/or challenging process, it may be a scam.
Here’s how to stay safe:
- Verify communications: Always confirm legitimacy of subscription-related emails or texts by contacting the company directly through official channels.
- Review the details of app subscriptions: Before downloading any app, research its credibility, read user reviews and understand subscription terms. Be aware of apps that request immediate payment or have unclear trial periods.
- Monitor financial statements: It’s important to regularly review your checking account and credit card statements for unauthorized charges. Report any suspicious activity immediately.
- Use security tools: Use reputable security software that can detect and block phishing attempts and malicious websites.
- Educate yourself: Stay informed about common scam tactics and share this information with friends and family to help reduce the risk of falling victim.