Virtual economies across games are being targeted like never before.
Scammers cost players millions of dollars every year by stealing in-game currencies, skins, and other virtual assets that hold real-world value.
But what you may not know…
Is that most players don’t see it coming. Fraudsters have become so sophisticated at what they do that even seasoned players get taken for millions.
What you’ll learn:
-Why Would Anyone Scam Over Virtual Items?
-Common Types of Virtual Economy Scams
-How Do Fraud Prevention Platforms Work?
-How to Protect Yourself From Virtual Scams
Why Would Anyone Scam Over Virtual Items?
Virtual economies are real.
Players purchase billions of dollars’ worth of currencies, items, skins, and other virtual assets every year. Some skins have sold for over half a million dollars. That’s a lot of incentive for criminals to get involved and steal.
If players are spending real money on items inside a game, it means those items have real value. And where there’s real value, there will always be criminals trying to take it.
Free-to-play games supported by microtransactions have opened the door for huge underground economies. Stolen items are bought and sold on these black markets every day.
Recent research found that online gaming fraud increased by 64% year-over-year from 2022 to 2024. Online games have become a major target for scammers.
Players can now purchase items from one another, meaning there needs to be a third party ensuring transactions are safe and secure going forward. Fraud prevention platforms are necessary for both stopping scammers and protecting players.
One popular Korean term you’ll find in online forums is 먹튀, which translates to “eat and run”. These kinds of scams typically involve stealing other players’ money without giving the purchased item in return. To combat this, verification services have emerged in Korean gaming communities. The term 먹튀픽 combines 먹튀 (scam) with 픽 (pick), essentially meaning “scam detector” or “fraud picker”. This service helps users verify whether an online gaming platform is legitimate before making any deposits. Without proper protection or verification tools like this, players remain vulnerable to sophisticated fraud attacks.
Common Types of Virtual Economy Scams
There are several ways a criminal can aim to steal your virtual goods. Let’s take a look at some of the most common scams and how to spot them.
Phishing Attacks
Think of any email or gaming account hack, and phishing attacks were probably responsible.
The trick works something like this:
Scammers create a replica version of the gaming website they intend to steal from. Then they reach out to victims promising free items, premium accounts, or skins.
All they want is your login information. Once you enter it on their fake website, they immediately gain access to your account.
Fake Item Trading Scams
Similar to phishing attacks but with digital assets being sold rather than accounts.
Players will be lured with an offer that’s too good to be true for a skin or currency. They send over their money and receive nothing in return.
Account Takeover
This scam isn’t limited to just digital goods within games.
Hackers will steal your account information by cracking weak passwords or through data breaches. Once inside, they will sell all of your belongings on third-party websites.
These scams are brutal because you don’t just lose your virtual goods. You lose years of progress.
Currency Generators
These are programs that promise players free in-game currency.
Instead of getting free money, you’re signing up for malware on your computer and possibly giving criminals access to your personal information.
How Do Fraud Prevention Platforms Work?
These days, fraud prevention systems are more sophisticated than ever.
Here’s what most platforms look for when detecting fraud:
-Real-time activity is monitored across all platforms by bots that instantly flag suspicious behavior.
-Identity verification processes ensure everyone is who they say they are.
-Platforms often come equipped with machine learning capabilities that allow them to recognize common scam patterns and learn from new ones.
-Users can report scammers which helps platform admins weed out bad actors.
The FBI said scammers stole more than $16.6 billion in 2024, which is up 33% from last year. That means fraud prevention is more important than ever.
How to Protect Yourself From Virtual Scams
The best defense is a strong offense.
Here are some steps you can take to protect yourself from virtual economy scammers.
Secure Your Accounts With Strong Authentication
Always enable two-factor authentication on any account you own. If you can’t, make sure your passwords are strong and unique to that specific platform.
If a hacker gets your password for one game, they’ll try that same password on all your other accounts.
Verify Who You’re Trading With
Only trade on official platforms or other trusted sites with purchase protection.
If someone is offering you an insanely low price on a skin through Discord, they’re probably scamming.
Make sure you check a trader’s reputation and history before handing over any money.
Watch Out For Red Flags
Creating a sense of urgency is almost every scammer’s favorite trick.
If someone tries to rush you into a trade or sends you a message along the lines of “limited time only,” be skeptical.
Here are some red flags to look out for:
-Asking to communicate somewhere other than the official platform
-Asking for money before you see the items
-Pressure to make the trade immediately
-URLs that have similar but incorrect spelling
Keep Your Software Updated
Out-of-date software is one of the most common ways hackers access your private information.
Both Windows and macOS release security updates that patch these vulnerabilities. Make sure you’re installing software updates as soon as they’re made available.
You should also download some type of antivirus software to combat malware. A lot of game-related viruses are disguised as free cheats or currency generators.
Virtual Economy Security: The Future
This ongoing fight between gamers and scammers will never fully stop.
As one side improves their tactics, so will the other. It’s a constant battle that shows no signs of slowing down. AI is now being used to facilitate both real-human and crypto scams. Scammers can now use deepfake technology to impersonate other players, but AI is also allowing platforms to catch scammers quicker than ever.
It’s likely we will see some sort of regulatory action to better protect players. The CFPB has already been keeping an eye on how gaming platforms deal with customer complaints.
Players that educate themselves and take the proper security precautions will be just fine. However, you should always be cautious who you trust.
Final Thoughts
Virtual items are scammed because they hold real-world value. As players continue to spend more and more money on games, you’ll see more criminals trying to take it.
Remember:
-Gaming-related fraud has increased 64% in just the past couple of years.
-The two biggest threats are phishing attacks and fake trading scams.
-Enabling two-factor authentication is the best way to avoid account takeovers.
-Trade cautiously and only through verified platforms.
You can’t control if someone wants to try and scam you. But you can take measures to protect your accounts and assets.
