The government wants to protect Robux from hackers

The Consumer Financial Protection Bureau on Friday proposed a new measure that could protect your Robux from scammers and hackers.

The proposed rule would also cover certain virtual currencies provided by gaming and cryptocurrency companies, under the Electronic Funds Transfer Act, or EFTA, which is traditionally used to protect consumers from unauthorized debit transactions.

“Players, or in some cases their parents and guardians, have reported problems converting dollars to in-game currency, unauthorized transactions, account hacking and hijacking, theft, fraud, and loss of assets,” the CFPB said in an announcement. offer. “They also described that they did not receive any assistance from game companies, banks or digital wallets. Refunds are often denied, people find their gaming accounts suspended by the video game company after the player tries to get a refund from their financial institution, or people are simply overwhelmed by AI-powered customer service representatives. they try to get accurate answers.”

Friday’s proposal is meant to address these issues. EFTA protects consumers who transfer money electronically, limits liability for errors, and provides them with ways to correct illegal transactions. Once notified by a consumer, covered financial institutions must conduct investigations into unauthorized transactions and promptly correct errors. In its proposed statement, the CFPB says consumers have the same rights when using certain virtual currencies.

Still, EFTA will likely only apply to games that allow players to exchange currency among themselves using accounts similar to “consumer asset accounts.” For example, the popular children’s gaming platform Roblox allows creators to earn Robux by selling cosmetic items or building their own in-game worlds and experiences. Robux can be converted to USD through Roblox’s DevEx program.

Not all games with in-game currency will necessarily be subject to the rule. Fortnite players can spend cash for V-Bucks to buy cosmetic items and “battle tickets,” for example, but the currency cannot be exchanged between players and other merchants.

Last year, the CFPB warned gaming companies, issuing a report detailing the risks deals with the purchase and transfer of virtual currencies. In that document, the agency argued that virtual banks and in-game and cryptocurrencies are increasingly resembling traditional banking infrastructure, with few protections for users if funds are lost or stolen.

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

Despite facing numerous lawsuits and government investigations over the past few years, the video game industry has remained largely unregulated. Just last month, the Federal Trade Commission Agreed with Epic GamesThe developer of Fortnite is demanding that the company refund more than $245 million to users who were allegedly defrauded when buying the game’s virtual currency.

The CFPB’s proposal likely won’t go into effect anytime soon. In a press release issued Friday, the agency said it will specifically ask players for feedback on the protections they need. The deadline for feedback is March 31, 2025.