Don’t Be the Star of Your Own Horror Story: Subscription Scams
At St. Canice’s Credit Union, we want to ensure you’re not the star of your own horror story. This Halloween, our Fraud Awareness focus is on subscription scams. With insights from the Competition and Consumer Protection Commission, we aim to help you avoid falling victim to these clever schemes that can turn a simple sign-up into a financial nightmare. Stay informed so you don’t end up in a scary situation.
What are Subscription Scams?
Subscription Scams are deceptive tactics that uses attractive offers to cheat consumers out of their money. These scams typically occur online when you sign up for free or low-cost trials of products or services. Often, they promote items that falsely promise to solve health or beauty issues. After signing up, you may find yourself locked into costly repeat payments.
Scammers often request your payment card details under the guise of identity verification and then use this information to initiate monthly charges. Many people don’t realise that these subscriptions automatically renew once the trial period ends, leading to unexpected charges.
Cancelling Your Subscription
If you notice payments still being deducted from your account after cancelling, act quickly. Contact the credit union and look for advice. However, if you can’t reach the business to cancel, your best option might be to cancel your debit card and get a new one to prevent further charges.
Tips to Avoid Subscription Scams
To protect yourself from subscription scams this Halloween, consider the following tips:
- Research Before You Subscribe: Use trustpilot.com to verify if a business is legitimate.
- Read the Fine Print: Carefully review the terms and conditions to understand the duration of any free trial and what happens when it expires.
- Watch for Pre-ticked Boxes: Make sure you’re not unknowingly agreeing to subscriptions.
- Be Skeptical of Testimonials: Many reviews can be fabricated, so don’t rely solely on them.
- Know Who You’re Dealing With: Only provide your debit card details to businesses you’ve verified. Ensure you’re on the official website.
- Pay Attention to Deadlines: If there’s a cancellation window, act before it closes to avoid unwanted charges.
- Monitor Your Statements: Regularly check your bank statements for any unexpected charges.
- Be Cautious with Health Products: Avoid signing up for free or low-cost trials of medications or so-called “miracle cures.”
Knowledge is power and staying current on all the latest ways that criminals use to defraud people is essential. If you have become victim to any kind of scam let us know in the credit union and we can use this information to educate other members. Together we can create a safer environment and make sure that we are better equipped to spot these attempts.
By understanding these fraudulent methods, you can better protect yourself and your finances. Our blog posts on Vishing Fraud Awareness, Smishing Fraud Awareness, and Phishing Fraud Awareness delve into different tactics used by scammers, highlighting the many ways you can become a victim. Each article offers valuable insights into how these scams operate.
