The government wants to protect Robux from hackers

On Friday, the Consumer Protection Bureau proposed a new measure that can protect your Robux from scammers and hackers.

The proposed rule interprets terms in the Electronic Funds Transfer Act, or EFTA, that have traditionally been used to protect consumers from unauthorized debit transactions, including some virtual currencies supplied by gaming and cryptocurrency companies.

“Gamers — or, in some cases, their parents and guardians — have reported issues such as problems converting dollars to in-game currency, unauthorized transactions, account hacks and takeovers, theft, fraud, and loss of assets,” the CFPB said in a statement. . offer. “They also described receiving limited help from gaming companies, banks or digital wallets. Refunds are often denied, a video game company suspends players’ accounts after a player tries to get a refund from their financial institution, or people get into trouble with AI-powered customer service representatives. trying to get straight answers.”

Friday’s proposal aims to address these concerns. EFTA protects consumers who transfer funds electronically, limits their liability for errors and provides them with ways to correct illegal transactions. Upon notification from a consumer, covered financial institutions are required to investigate unauthorized transactions and promptly correct errors. In its proposed interpretation, the CFPB states that consumers have the same rights when using certain virtual currencies.

However, EFTA will likely only apply to games that allow players to exchange currency with each other using accounts that resemble “consumer asset accounts.” For example, the popular children’s gaming platform Roblox allows creators to earn Robux by selling cosmetic items or creating their own game worlds and experiences. With Roblox’s DevEx program, Robux can be converted to USD.

This rule does not necessarily apply to all games that have in-game currency. Fortnite players, for example, can spend cash on V-Bucks to buy cosmetic items and “battle passes,” but the currency cannot be exchanged between players and other merchants.

Last year, the CFPB took notice of gaming companies that drawing up a report with a detailed description of risks is engaged in the purchase and transfer of virtual currencies. In it, the agency argues that virtual banks and currencies on gaming and crypto platforms increasingly resemble traditional banking infrastructure, with little protection for users in the event of funds being lost or stolen.

“Americans of all ages convert billions of dollars into currency used on virtual reality and gaming platforms,” ​​CFPB Director Rohit Chopra said in a statement about the transactions last year. “As more banking and payment activities take place in video games and virtual worlds, the CFPB is looking for ways to protect consumers from fraud.”

The video game industry remains largely unregulated, despite numerous lawsuits and government investigations over the past few years. Just last month, the Federal Trade Commission agreed with Epic Gamesdeveloper of Fortnite, demanding that the company return more than $245 million in refunds to users who were allegedly tricked into buying the game’s virtual currency.

The CFPB’s proposal likely won’t take effect anytime soon. In a press release issued Friday, the agency said it will receive feedback, including from gamers, about the protections they need. The deadline for feedback is March 31, 2025.