Topic Summary
Unauthorised Use of a Card
Did you know that if someone uses your card without explicit permission—even for a small purchase—it is considered fraud? The card user could face criminal and financial liability.
The Cost of Online Gaming
Gaming companies often employ strategies to encourage spending, including:
- Virtual Currencies:
- Dissociate in-game spending from real money, making it easier to spend.
- Unusual Exchange Rates:
- Make it harder to track how much money is being spent.
- Easy Payment Processes:
- Reduce barriers to making purchases.
- Embedded Inconvenience:
- Encourage spending on convenience-enhancing items.
- Dynamic Pricing:
- Offer lower prices to capture buyers who might be unwilling to pay higher prices.
What Are Loot Boxes?
Loot boxes are virtual treasure chests found in video games, offering randomly selected items. Players purchase these boxes with real money without knowing if they will receive a desirable item. Loot boxes are akin to gambling, as the outcome is uncertain. They are highly lucrative, contributing between 11% and one-third of annual sales for major publishers. In 2020, it was estimated that over £700 million was spent on loot boxes.
Managing Gaming Costs
To manage spending on online gaming:
- Implement better regulation of in-game purchases.
- Use real currency to display the cost.
- Enhance access to and promotion of parental controls.
- Enforce stricter age requirements for making purchases.
Question
Loot boxes are a:
Discussion
What is the biggest reason young people spend money on online gaming?
How it works in real life
Consider the online games you play. How do you monitor the cost of in-game purchases and manage your spending on gaming?