The Consumer Financial Protection Bureau proposed a new measure on Friday that could protect your Robux from scammers and hackers.
The proposed rule would interpret terms in the Electronic Fund Transfer Act, or EFTA, which has traditionally been used to protect consumers from unauthorized debit transactions, to include some virtual currencies supplied by gaming and cryptocurrency companies.
“Gamers—or in some cases their parents and guardians—have reported issues such as trouble when converting dollars to in-game currency, unauthorized transactions, account hacks and takeovers, theft, scams, and loss of assets,” reads the CFPB’s post announcing the proposal. “They have also described receiving limited to no help from gaming companies and the banks or digital wallets involved. Refunds are often denied, people are finding their gaming accounts suspended by the video game company after a player tries to get a refund from their financial institution, or people are left caught in doom loops with AI-powered customer service representatives while they’re just trying to get straight answers.”
Friday’s proposal is meant to fix these issues. The EFTA protects consumers transferring funds electronically, limits their liability for errors, and provides them with ways to correct illicit transactions. Once notified by the consumer, covered financial institutions are required to conduct investigations into unauthorized transactions and promptly fix errors. In its proposed interpretation, the CFPB is saying that consumers have these same rights when using some virtual currencies.
Still, the EFTA will likely apply only to games that allow players to exchange currencies among themselves using accounts that resemble “consumer asset accounts.” For example, the popular children’s game platform Roblox allows creators to earn Robux by selling cosmetic items or building their own in-game worlds and experiences. Through Roblox’s DevEx program, Robux can be converted into US dollars.
The government's intention to safeguard Robux from illegal access by hackers highlights the need for enhanced cybersecurity measures within digital platforms, ensuring fairness and security in virtual economies.
