United States of America: Published CFPB report on banking in video games and virtual worlds

On 4 April 2024, the Consumer Financial Protection Bureau (CFPB) concluded its inquiry into financial transactions in online video games and virtual worlds. The inquiry focused on the growing market of online video games and virtual worlds facilitating the storage and exchange of gaming assets. The CFPB's report highlighted the significant value of gaming assets and the increasing incidents of users losing access through hacking, scams, and unauthorised transactions. It was noted that consumer protection regulations are not always followed and complied with within these markets. The CFPB also raised concerns about the extensive collection and potential misuse of consumer data by gaming companies. The CFPB stated that it would continue to monitor these markets to ensure compliance with consumer protection laws and cooperate with other agencies to oversee companies that gather and sell sensitive consumer data, such as payment histories and investigate cases where this data is collected and monetised without the user's knowledge.