The Consumer Financial Protection Bureau on Friday proposed a new measure that could protect your Robux from scammers and hackers.
The proposed rule would interpret the terms of the Electronic Funds Transfer Act, or EFTA, which has traditionally been used to protect consumers from unauthorized debit transactions, including certain virtual currencies supplied by gaming and cryptocurrency companies.
The CFPB's post announced, “Gamers – or in some cases their parents and guardians – have experienced hassles, unauthorized transactions, account hacks and takeovers, thefts, scams, and property fraud when converting dollars into in-game currency. Issues like loss have been reported.” Proposal. “They also described receiving limited help from gaming companies and the banks or digital wallets involved. Refunds are often denied, with people finding that their gaming accounts have been suspended by the video game company when a player attempts to get a refund from their financial institution, or people being contacted by AI-powered customer service representatives. Left trapped in a web of doom, while they're just trying to get straight answers.''
Friday's proposal aims to fix these issues. EFTA protects consumers who transfer funds electronically, limits their liability for errors, and provides them ways to correct invalid transactions. Once notified by a consumer, covered financial institutions are required to investigate unauthorized transactions and promptly correct errors. In its proposed interpretation, the CFPB is saying that consumers have these same rights when using certain virtual currencies.
Nevertheless, EFTA will likely only apply to games that allow players to exchange currencies among themselves using accounts such as “consumer asset accounts”. For example, the popular children's game 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 feature in-game currency will necessarily be subject to the rule. For example, Fortnite players can spend cash for V-Bucks to purchase cosmetic items and “battle passes”, but the currency cannot be exchanged between players and other merchants.
Last year, the CFPB put gaming companies on notice, Issuing a report detailing the risks Involved in buying and transferring virtual currencies. In it, the agency argued that virtual banks and currencies on gaming and crypto platforms 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 virtual reality and gaming 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 at ways to protect consumers from fraud and scams.”
Despite facing numerous lawsuits and government investigations over the years, the video game industry remains largely unregulated. Just last month, the Federal Trade Commission Agreement reached with Epic GamesThe company, the developer of Fortnite, is required to return more than $245 million in refunds to users who were allegedly duped into purchasing the game's virtual currency.
The CFPB's proposal won't go into effect any time soon. In a press release issued on Friday, the agency said it would specifically seek feedback from gamers about the protections they need. Last date for feedback is March 31, 2025.