US Proposes Consumer Protections for In-Game Currency Scams

The Consumer Financial Protection Bureau seeks to extend financial safeguards to platforms like Roblox, addressing issues of theft, scams, and inadequate support.

The CFPB has proposed applying the Electronic Fund Transfer Act (EFTA) to certain gaming platforms with monetized virtual marketplaces, such as Roblox.
The rule aims to address consumer complaints about unauthorized transactions, account hacks, scams, and insufficient support from gaming companies and financial institutions.
The proposal focuses on platforms enabling peer-to-peer transfers, cash withdrawals, or payments to multiple merchants, excluding games like Fortnite that lack these features.
Users and parents are encouraged to share their experiences with gaming-related financial issues during the public comment period, open until March 31, 2025.
The final ruling will be shaped by public feedback, though the CFPB's future is uncertain due to calls for its elimination by some government officials.