"Gamers—or in some cases their parents and guardians—have reported issues such as trouble when converting dollars to in-game currency, unauthorized transactions, account hacks and takeovers, theft, scams, and loss of assets," reads the CFPB's post announcing the proposal. "They have also described receiving limited to no help from gaming companies and the banks or digital wallets involved. Refunds are often denied..."
"The EFTA protects consumers transferring funds electronically, limits their liability for errors, and provides them with ways to correct illicit transactions. Once notified by the consumer, covered financial institutions are required to conduct investigations into unauthorized transactions and promptly fix errors."
"Friday's proposal is meant to fix these issues. The proposed rule would interpret terms in the Electronic Fund Transfer Act to include some virtual currencies supplied by gaming and cryptocurrency companies."
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