Should In-Game Currency Receive Federal Government Banking Protections?
Friday America’s consumer watchdog agency “proposed a rule to give virtual video game currencies protections similar to those of real-world bank accounts…” reports the Washington Post, “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 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.
Read more of this story at Slashdot.
Friday America’s consumer watchdog agency “proposed a rule to give virtual video game currencies protections similar to those of real-world bank accounts…” reports the Washington Post, “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 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.
Read more of this story at Slashdot.