$3,000 Virtual Fraud Committed

Website Gaming Open Market has had to close the majority of its business after a disgruntled user committed a fraud of over $3,000 against the company. The website allows players of various massively multiplayer online games to exchange in-game currency for real money. The thief e-mailed the website to indicate that the stolen virtual goods would be kept as “payment” for the “lesson taught” to the company. The fraudster apparently exploited a loophole with PayPal that allowed him to purchase goods, receive them and then immediately retract the payment. Gaming Open Market blames PayPal for its policy on “intangible goods” and criticizes the company for refusing to accept any responsibility for the fraud. Source: Gaming Open Market