CFPB report identifies financial and privacy risks to consumers in video game marketplaces

The Consumer Financial Protection Bureau (CFPB) has issued a report examining the growth of financial transactions in online video games and virtual worlds. These platforms increasingly resemble traditional banking and payment systems that facilitate the storage and exchange of billions of dollars in assets, including virtual currencies. However, consumers report being harmed by scams or theft on gaming platforms and not receiving the protections they would expect under federal law. The CFPB will be monitoring markets where financial products and services are offered, including video games and virtual worlds, to ensure compliance with federal consumer financial protection laws.

“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.”

Please click here to read the full article on the CFPB website.