The Consumer Financial Protection Bureau proposed a new measure on Friday that could protect your Robux from scammers and hackers.
The proposed rule would interpret provisions in the Electronic Funds Transfer Act, or EFTA, that are commonly used to protect consumers from unauthorized debit transactions, including certain virtual currencies offered by gaming and cryptocurrency companies.
“Gamers — or in some cases, their parents and guardians — have reported issues such as trouble converting dollars to in-game currency, unauthorized transactions, hacks, and hijacking. Account hijacking, theft, fraud and loss of property,” the CFPB announcement post reads. suggestion. “They also described receiving limited or no assistance from the gaming companies, banks or digital wallets involved. Refunds are often denied, people find their game accounts suspended by the video game company after the player tries to get a refund from their financial institution, or people get caught out doom loop with AI-powered customer service reps while they're just trying to get straight answers.”
Friday's proposal aims to fix these problems. EFTA protects consumers who transfer electronic funds, limits their liability for errors, and provides them with ways to correct illegal transactions. Once notified by consumers, covered financial institutions must investigate unauthorized transactions and promptly correct errors. In its proposed interpretation, the CFPB says that consumers have similar rights when using certain virtual currencies.
However, EFTA will likely only apply to games that allow players to exchange currency with each other using accounts that resemble “consumer asset accounts.” For example, the popular children's gaming platform Roblox allows creators to earn Robux by selling cosmetic items or building their own in-game worlds and experiences. Through Roblox's DevEx program, Robux can be converted into US dollars.
Not all games that use in-game currency necessarily follow this rule. For example, Fortnite players can spend cash on V-Bucks to purchase cosmetic items and “battle passes,” but the currency cannot be exchanged between players and other merchants.
Last year, the CFPB informed gaming companies, Provide detailed risk reports regarding the purchase and transfer of virtual currency. In it, the agency argues that virtual banks and gaming-based currencies and cryptocurrencies increasingly resemble traditional banking infrastructure, with few protections for users if funds are lost. or stolen.
“Americans of all ages are converting billions of dollars into currencies used on gaming and virtual reality platforms,” CFPB Director Rohit Chopra said in a statement about these transactions last year. . “As more banking and payment activities take place in video games and virtual worlds, the CFPB is looking for ways to protect consumers from fraud and scams.”
The video game industry remains largely unregulated, despite facing numerous lawsuits and government investigations over the past few years. Just last month, the Federal Trade Commission has reached an agreement with Epic GamesFortnite developer, asking the company to refund more than $245 million to users who were allegedly tricked into buying the game's virtual currency.
The CFPB's proposal likely won't take effect anytime soon. In a press release issued Friday, the agency said it will solicit feedback, especially from gamers, on what protections they need. The deadline to respond is March 31, 2025.