The end of the financial year is when many people take a closer look at their finances. Receipts get sorted, deductions get claimed, and spending habits suddenly come into focus.
And for many Victorians, that is when the realisation hits:
“Why am I paying for all of these subscriptions?”
Streaming platforms, fitness apps, delivery memberships, cloud storage, gaming services, digital newspapers, meditation apps, AI tools. What started as one or two small monthly payments can quietly turn into dozens of automatic charges.
Most of the time, it happens gradually. A free trial here. A discounted first month there. A sign-up during a late-night scroll that seemed harmless at the time, and one you promised yourself you would cancel before the free trial ended.
But hidden among legitimate subscriptions, there can sometimes be something else entirely: charges you never knowingly signed up for.
And that is where the subscription trap can become something more serious.
When Subscriptions Turn into Scams
Cybercriminals are increasingly using subscription-style payments to quietly take money from victims.
Instead of asking for a large payment upfront, scammers often rely on small recurring charges that are easy to miss on a bank statement.
A few dollars here. Ten dollars there. Small enough that many people do not question it straight away.
These scams often begin when someone:
- clicks on a fake advertisement
- enters their details into a suspicious website
- signs up for a “free trial” that is not what it appears to be
- makes a purchase from a fraudulent online store
In some cases, victims believe they are signing up for a legitimate service. In others, their card details may have been compromised and used without their knowledge.
The result is the same: recurring charges that quietly continue month after month.
The fake 'free trial' trap
Free trials are one of the most common entry points into subscription scams.
The offer sounds simple: Try it free for seven days.
But once payment details are entered, some websites automatically enrol users into ongoing subscriptions that are difficult to cancel, or that were never clearly disclosed in the first place.
Scam websites may also:
- hide subscription terms in fine print
- make cancellation nearly impossible
- disappear entirely once payments begin
By the time victims realise what is happening, they may have already been charged multiple times.
Why EOFY is the perfect time to check
The end of the financial year is the perfect moment to take a closer look at your spending.
Going through your bank or credit card statements can quickly reveal things you might have missed during the year, including:
- subscriptions you forgot about
- duplicate services you no longer use
- memberships you meant to cancel months ago
- unfamiliar charges or discrepancies that could indicate a scam or fraudulent activity
Many people are surprised by how many recurring payments they actually have, and how easy it is for suspicious charges to hide among them.
How to protect yourself
A few simple habits can help protect you from subscription scams.
Look for repeating charges you do not recognise.
Always check the terms before entering payment details.
If an offer looks suspicious or too good to be true, it probably is.
This helps ensure you cancel before billing begins.
And most importantly…
Act quickly if something looks wrong
If any recurring charges are unfamiliar or look suspicious, check your emails for any records of transactions or subscriptions. If that doesn’t help or you’re still concerned, contact your bank immediately.
Subscriptions are designed to be convenient. But when they pile up unnoticed, they can quietly drain your bank account and sometimes hide something more serious.
Taking a few minutes to review your statements this end of financial year could help you uncover forgotten subscriptions, cancel services you no longer use, and spot suspicious charges before they become a bigger problem.