Unexpected recurring payment from an unknown brand name showing up on a bank statement? That happens regularly, with 36% of Brits spotting a scamscription or payment trap in 2023. Considering that inflation ranks as the number one concern for the 25th consecutive month, this is becoming more of a concern.
From LatAm to Asia, the subscription economy is booming, with consumers appreciating the convenience, cost-effectiveness and personalization these services provide. Yet many people don't realize they're signing up for a recurring payment: per Citizens Advice, 13 million Brits (26%) accidentally signed up for a subscription in 2023. Auto-renews, free trials and unclear terms are the most common reasons.