Steam Strengthening the fight against fraud: the full value code is limited to the purchase of game-like software and hardware, and physical gift cards are discontinued by the end of the year

Information from IT House 5 June that Valve decided to further strengthen security controls and exchange restrictions as a result of the worldwide increase in telecommunications fraud against Steam gift cards.

Valve indicated that fraud cases related to Steam wallet gift cards had continued to increase globally in recent years. Fraudsters usually contact victims by telephone, text message, e-mail or social platform, impersonating tax authorities, law enforcement agencies, bank staff and even guests, and requiring victims to purchase Steam wallets and provide convertible codes on the grounds of “paying taxes” “paying bail”, “paying debts” or “receiving bonuses”. Since it is difficult to recover the money once the amount in the gift card has been converted to the Steam account, this is a common modus operandi of fraud syndicates.

Steam has made it clear that Steam Wallet Gift Cards and Exchange Codes can only be used on Steam Platform to purchase games, software, hardware and items inside the game, and cannot be used to pay taxes, fines, debts or other real-world transactions. If a request is made for payment through a Steam gift card, there is a high risk of fraud. At the same time, users are reminded not to disclose to strangers the information of a charge code or a gift card.

In order to continue to combat fraud using gift cards, Valve has in recent years taken a number of measures, such as restricting the exchange of stock wallets in different currency regions. Users can exchange only those exchange codes that are fully consistent with the currency of their Steam account.

In addition, Valve announced that it would no longer provide retail services for gift cards (entity cards).

As we continue to impose increasing restrictions, fraudsters have adjusted their tactics. They continue to have an impact on Steam users and others with no care.

As Steam's gift cards are sold out at retail points, we will not make up for them. We expect all retailers to empty their stock by the end of 2026. While we will no longer sell entity gift cards, you are still able to use existing gift cards on Steam at any time, subject to local law.

IT House noted that Steam did not completely cancel the digital gift card service. Users can still purchase digital gift cards directly for friends through the Steam platform. However, Valve is constantly tightening restrictions on the use of gift cards and has added a significant number of anti-fraud tips to the help centre.

In addition to traditional telephone fraud, there have been a number of fishing attacks and fraudulent card gifts around Steam gift cards in recent years. Fraudsters often use false websites, false “free $50 gift card” activities or stolen accounts to disseminate malicious links and induce users to enter Steam account passwords and authentication codes, thereby stealing account assets. Steam Official has repeatedly stressed that Valve employees do not proactively contact users through chat software to request gift cards, authentication codes or account information.

Steam Official has made it clear that these policy adjustments are part of a “continuing effort to reduce the above-mentioned fraud (i.e., the use of gift cards)” and are intended to protect the property security of normal consumers and should not affect regular users who purchase the full value in local currency through local retail channels. This is intended to narrow down the modus operandi of fraudsters by technical means, in particular the typical way in which fraudsters often sell cross-regional gift codes or require victims to purchase card cards in specified currency.

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