The federal consumer watchdog agency on Friday proposed a rule to give virtual video game currencies protections similar to those of real-world bank accounts.
The move acknowledges the explosion in new forms of in-game currency, in which players convert dollars to other units that can be reverted back to money or traded with other users. The government’s new interpretation would apply financial protections so players can receive refunds or compensation for unauthorized transactions, similar to how banks are required to respond to claims of fraudulent activity.
The Consumer Financial Protection Bureau is seeking public input on a rule interpretation to clarify which rights are protected and available to video game consumers under the Electronic Fund Transfer Act. It would hold video game companies subject to violations of federal consumer financial law if they fail to address financial issues reported by customers. The public comment period lasts from Friday through March 31.
In particular, the independent federal agency wants to hear from gamers about the types of transactions they make, any issues with in-game currencies, and stories about how companies helped or denied help.
The effort is in response to complaints to the bureau and the Federal Trade Commission about unauthorized transactions, scams, hacking attempts and account theft, outlined in an April bureau report that covered banking in video games and virtual worlds. The complaints said consumers “received limited recourse from gaming companies.” Companies may ban or lock accounts or shut down a service, according to the report, but they don’t generally guarantee refunds to people who lost property.
The bureau cites how Roblox, a popular app for children that includes its own virtual currency called Robux within its games, tells people with unauthorized charges to “contact customer support before disputing any charges” with banks, as stated on the company’s website. The April report says the bureau and FTC received numerous complaints from players who contacted their banks regarding unauthorized charges on Roblox.
“These complaints note that while they received refunds through their financial institutions, Roblox then terminated or locked their account,” the report says. “When a player loses access to their account because they are accused of violating a game’s terms of service or a game is terminated altogether, the game publishers state that they have no obligation to compensate the players for their lost assets or return the money players have invested.” (Roblox did not immediately respond to a request for comment.)
The bureau has homed in on this field, it says, because gaming platforms are early adopters of technologies that eventually see broad, mainstream usage, especially since games like Roblox train young people on spending money within their platforms. Games such as Fortnite might not fall under this proposed rule, as its virtual currency doesn’t function through conversion or player transfers.
