The Consumer Financial Protection Bureau on Friday proposed a modern measure that could protect your Robux from scammers and hackers.
The proposed rule would interpret terms in the Electronic Funds Transfer Act (EFTA), which is traditionally used to protect consumers from unauthorized debit transactions, to include certain virtual currencies provided by gaming and cryptocurrency companies.
“Players – or in some cases their parents and guardians – have reported issues such as problems converting dollars to in-game currency, unauthorized transactions, account hacks and takeovers, theft, fraud, and loss of assets,” the CFPB post said. proposal. “They also described receiving limited or no assistance from gaming companies and the banks or digital wallets involved. Refunds are often denied, players’ accounts are suspended by the video game manufacturer after the player tries to get a refund from their financial institution, or people get caught in a loop of doom with AI customer service representatives when they are just trying to get simple answers .
Friday’s proposal aims to solve these problems. EFTA protects consumers who transfer funds electronically, limits their liability for errors, and provides them with ways to correct illegal transactions. Once notified by the consumer, covered financial institutions must investigate unauthorized transactions and promptly correct errors. In its proposed interpretation, the CFPB argues that consumers have the same rights when they use certain virtual currencies.
Still, EFTA will likely only apply to games that allow players to exchange currencies among themselves 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 game worlds and experiences. With Roblox’s DevEx program, Robux can be exchanged for US dollars.
Not all games that use in-game currency will necessarily be subject to 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 turned its attention to gaming companies issuing a report detailing the risk dealing with the purchase and transfer of virtual currencies. The agency argued that virtual banks and currencies on gaming and cryptocurrency platforms increasingly resemble traditional banking infrastructure, with little protection for users in the event of loss or theft of funds.
“Americans of all ages are converting billions of dollars into currencies used in virtual reality and gaming platforms,” CFPB Director Rohit Chopra said in a statement about these transactions last year. “As more banking and payment transactions take place in video games and virtual worlds, the CFPB is looking for ways to protect consumers from fraud and extortion.”
Despite numerous lawsuits and government investigations over the past few years, the video game industry remains largely unregulated. Just last month, the Federal Trade Commission reached a settlement with Epic Gamescreators of Fortnite, demanding that the company refund over $245 million to users who were allegedly deceived into purchasing the game’s virtual currency.
The CFPB’s proposal is unlikely to go into effect any time soon. In a press release issued Friday, the agency said it would seek feedback from players on the protection they need. The deadline for submitting feedback is March 31, 2025.