Online Gaming: CFPB Warns of Financial & Privacy Risks

CFPB outlines real-life threats lurking for players in gaming worlds

While the world of virtual video gaming may seem like fantasy, real-world threats sometimes find a way to harm or haunt players.

The Consumer Financial Protection Bureau (CFPB) issued guidance highlighting some risks to privacy and financial security faced by players on online gaming platforms.

“Americans of all ages are converting billions of dollars into currencies used on virtual reality and gaming platforms,” said CFPB Director Rohit Chopra. “As more banking and payments activity takes place in video games and virtual worlds, the CFPB is looking at ways to protect consumers from fraud and scams.”

The warning from the CFPB comes amid consumer reports regarding experiences in online gaming.

Specifically, the CFPB has received consumer complaints about hacking attempts, account theft, and lost access to gaming assets. In the complaints, most consumers report receiving limited support from the gaming companies, such as reimbursements or security improvements. Existing consumer protection laws apply to banking and payment systems that facilitate the storage and exchange of valuable assets. The CFPB is monitoring markets where financial products and services may be offered, including video games and virtual worlds.

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