Fiscal February: Audit Your Subscriptions. Secure Your Accounts. Protect Your Wallet.
The CyberWyoming Alliance has declared February “Fiscal February,” a statewide initiative encouraging individuals and businesses to review recurring subscriptions, secure online accounts, and protect their financial well-being.
Audit Your Subscriptions.
According to a recent survey commissioned by CNET and conducted by YouGov, subscription spending is adding up faster than most people realize:
- 80% of U.S. adults paid for one or more subscriptions in the past year.
- The average adult spends $90 per month, or $1,080 per year, on subscriptions.
- Subscribers report spending $17 per month ($204 per year) on subscriptions they don’t even use.
- 61% are rethinking subscriptions due to the economy.
- 26% have already canceled at least one paid subscription, and 24% are considering it.
Additionally, canceling subscriptions may not get easier. The U.S. Eighth Circuit Court of Appeals recently blocked the Federal Trade Commission’s proposed “click-to-cancel” rule, which would have required companies to make cancellations as easy as sign-ups.
As a result, responsibility remains with consumers, and reviewing recurring charges can potentially return hundreds of dollars back into household budgets.
“After reviewing the CNET survey, I thought they were overexaggerating unused subscription costs, but then I talked to a person in Cheyenne that said her debit card had been compromised and she said she saved between $500-$1000 by review her statement and unsubscribing,” said Laura Baker, President Emerita of CyberWyoming Alliance.
Secure Your Accounts.
Fiscal February is not just about trimming unused services, it’s also about reducing digital exposure.
Every subscription account represents:
- Stored personal information
- Saved payment methods
- Potential password reuse
- A possible attack surface for cybercriminals
Inactive or forgotten subscriptions increase financial waste and digital vulnerability.
Weak account protections can also turn something as simple as a phone number into a gateway for fraud.
A growing scam known as SIM swapping allows criminals to transfer your phone number to a device they control. Once they intercept your text messages, they can reset passwords and bypass text-based two-factor authentication.
Protect Your Wallet.
Cybersecurity and financial health are directly connected. According to the Federal Bureau of Investigation:
- Victims lost more than $68 million in 2021 to SIM-swapping schemes — five times higher than prior years.
- Seniors lost over $4.8 billion to scams overall (FBI reporting referenced in fraud prevention coverage).
Fraud experts warn that criminals often need only limited personal data, such as a phone number combined with outdated banking details, to begin exploiting accounts. Once a phone number is ported out, attackers can intercept two-factor authentication (2FA) codes, reset passwords, and drain financial accounts.
“Fiscal February is more than balancing a budget. It is about recognizing that financial wellness and cybersecurity are directly connected. Most banks offer free courses or webinars about managing your finances. The more you understand about how money works, the more skeptical you will be when faced with a scam,” said Baker.
By reviewing subscriptions, securing accounts, enabling stronger authentication, and monitoring finances regularly, individuals can reduce unnecessary spending, minimize digital risk, and build lasting financial confidence.
Fiscal February Action Plan:
Audit and Reduce Subscriptions
- Review the past 90 days of bank and credit card transactions.
- Identify recurring subscription charges and cancel or pause unused services.
- Consider the “rotation method” for streaming services to cycle services on and off rather than paying for multiple platforms at once.
- Bundle only if you actively use all services included.
Protect Against SIM Swapping
- Add a port-out PIN with your mobile carrier.
- Require in-store verification for account changes when possible.
- Avoid using SMS-only authentication whenever alternative MFA options are available.
Secure Your Banking Apps & Financial Accounts
- Use strong, unique passwords for each financial account.
- Enable multi-factor authentication (MFA) — preferably using an authenticator app instead of text-only verification when available.
- Check your banking apps and websites regularly to monitor for suspicious activity.
- Turn on real-time alerts for your banks and credit cards. Set alerts for:
- Withdrawals over a specific dollar amount
- Transactions in unfamiliar geographic regions
- New device logins
- Password or contact information changes
Real-time alerts can stop fraud in progress.
Watch for Phishing & Bank Impersonation Scams
Cybercriminals frequently impersonate banks via email, text, or phone.
- Never click on links in unsolicited emails or text messages claiming to be from your bank.
- To verify a notification, go directly to your bank’s official website or mobile app by typing the address yourself or using your saved app.
- If you receive a suspicious message claiming to be from your financial institution, report it directly to your bank’s fraud department.
Impersonation scams are often the first step in account takeover attacks.
Freeze Your Credit
Credit freezes are free and can prevent criminals from opening new accounts in your name.
Credit freezes should be placed with all 3 bureaus:
Update Account Information
Outdated phone numbers, emails, or account holder details create easy entry points for criminals. Ensure all banking and subscription accounts reflect current, accurate information.
Contact Cyber Wyoming for additional help or questions. info@cyberwyoming.org
