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CFPB publishes new report highlighting risks related to financial transactions in video games

April 8, 2024

Titled Banking in Video Games and Virtual Worlds, the new study reveals that gaming consumers in America spent nearly $57 billion on hardware, software, and in-game transactions in 2023.

Gamers are often exchanging real dollars for virtual currencies or other in-game assets. These holdings are frequently purchased, sold, or traded in online markets that enable gaming organisations to mimic everyday financial transactions online.

The study has uncovered numerous risks related to the surge of in-game assets. Notably, there has been a rise in account thefts, scams, and phishing attempts. The report states that players have “little recourse” with gaming enterprises when they experience losses, as companies often assert that they bear no responsibility to reimburse consumers for financial losses.

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