Security Corner Blog

Online gaming is more than just fun, it’s a digital playground where kids can explore, compete, and connect. But with the rise of in-game virtual currencies, scammers are finding new ways to exploit young players. Understanding and being aware of fake virtual currency transactions can empower parents and gamers, giving them the control and confidence to navigate this digital landscape. Fake virtual currency transactions are becoming more common, leading to financial losses and frustration for families. Here’s what parents and gamers need to know to stay safe.

What Are Fake Virtual Currency Transactions?

Many popular games use virtual currencies—tokens that can be purchased or earned in-game and used to buy items like outfits, weapons, or power-ups. Scammers take advantage of this system by:

• Offering too-good-to-be-true “deals” on virtual currency through unofficial sites or social media.

• Pretending to be game developers or trusted players to gain access to accounts.

• Promoting fake investment opportunities in virtual currency to trick users into sending money.

Once a player hands over payment or login information, the scammer disappears—leaving the gamer with nothing and potentially draining linked bank accounts or credit cards.

How to Protect Young Gamers

1. Stick to Official Platforms

Only purchase virtual currency through the game’s official store or a reputable, authorized retailer. This ensures a secure transaction and avoids the risks associated with third-party websites that promise discounts or bonuses. Parents and gamers can feel reassured and secure in their transactions by sticking to official platforms.

2. Enable Parental Controls

Use the game’s or console’s parental control features to restrict purchases and manage playtime. This responsible use of technology helps prevent unauthorized transactions and keeps spending in check, making parents feel more responsible for their child's gaming experience.

3. Educate Your Gamer

Talk about the risks of sharing account details or engaging with strangers online with your child. Help them recognize red flags like “limited-time deals,” requests for personal information or anything that seems too good to be true.

4. Monitor Transactions

Keep an eye on credit card or bank statements for unexpected charges. Many scams go unnoticed because small amounts are withdrawn at first to avoid detection.

5. Report Suspicious Activity

If you or your child encounters a scam, report it to the game developer and the Federal Trade Commission (FTC). This will help warn other players and prompt action against scammers.

Learn More: Eight Internet Safety Rules for Kids

For more tips on how to create a safe online experience for children—including best practices for gaming, social media, and internet use—check out the Eight Internet Safety Rules for Kids article available on our Best Life Wellness platform. It’s a quick and helpful guide that every parent should read. 

Protect kids from online threats by teaching them internet safety rules on cyberbullying, scams, personal info, & online predators.

What’s Being Done?

The Consumer Financial Protection Bureau (CFPB) has proposed new measures to increase consumer protection in the digital space, including virtual currencies used in gaming. These proposals ensure that consumers, including kids and teens, are better protected from unauthorized transactions and deceptive practices. The goal is to hold platforms accountable for preventing and addressing fraud.

Article content is provided for information purposes only.