Valve Discontinues Retail Steam Gift Card Program Citing Scammer Exploitation
Valve has announced it is phasing out its physical Steam gift card program, attributing the decision to a persistent struggle against scammers. The company stated that fraudsters have widely exploited the hard-to-track payment method, using it to effectively launder funds. This move also impacts a significant market of legitimate users who purchase these cards with physical cash, as the program's discontinuation removes a key avenue for such transactions.
Valve is ending the production of new retail Steam gift cards, citing an ongoing battle against scammers. The company has fought to prevent the exploitation of this payment method since the cards first launched in 2012.
Scammers have reportedly instructed victims to purchase gift cards and then share the security PIN and other pertinent details. These details are subsequently resold at a discount on gray-market websites, transforming the funds into an anonymous and difficult-to-trace form of payment.
In an effort to counter these fraudulent activities, Valve previously implemented various measures. These included placing limits on redemption and availability, and adding a prominent warning directly on the cards stating, "Never share a pin via email, social media or over the phone."
The discontinuation of the program, which was noted in a recent update to a Steam support page, also cuts off a substantial market of legitimate users who utilized these physical cards to buy games with cash.
According to Ars Technica, PC Guide was among the first to report on the conclusion of Valve's retail gift card program.
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