CFPB identifies financial and privacy risks to consumers in video gaming marketplaces

The Consumer Financial Protection Bureau has issued a report examining the growth of financial transactions in online video games and virtual worlds. “These platforms increasingly resemble traditional banking and payment systems that facilitate the storage and exchange of billions of dollars in assets, including virtual currencies. However, consumers report being harmed by scams or theft on gaming platforms and not receiving the protections they would expect under federal law,” the CFPB explains. The report, Banking in Video Games and Virtual Worlds, is here.