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Highlights
- Warnings are being provided to the players of online video games to beware of scammers amid rising concerns related to organised criminal gangs.
- Lloyds will launch a code this week to protect the players from gaming-related frauds.
- Ukie said that the code will help the players to be on their guard.
Amid rising concerns that organised criminal gangs are targeting the platforms, such as Roblox, Fortnite and Fifa, warnings are being provided to the players of online video games to beware of scammers. During the pandemic, multiplayer games gained a lot of popularity as the lockdowns pushed people to socialise in virtual spaces.
Lloyds, which is among the top banks in the UK, is also concerned about the players and thus it is launching a warning code for players this week regarding the same. According to its research, around one-fifth of the players knew someone or were victims themselves of a gaming-related scam, while less than a third were aware about how to spot a scam in online video games. The code will provide a set of guidelines to protect the players from online gaming-related frauds. Players will be on their guard with the help of this code, according to the Association for UK Interactive Entertainment (Ukie).
Stocks to buy despite surge in gaming related frauds
According to Philip Robinson, Fraud prevention director at Lloyds, players are being tricked for money by the scammers by gaining their trust and getting access to their confidential information. Trusting strangers on the internet has been normalised to some extent and the fraudsters use this trust to carry out scams of various types. Gaming console fraud is the most popular one in which people never receive the gaming console they ordered after paying for it. Another common trick involves malwares which the players download as they get tempted to click on the ads related to add-ons to a game at a lesser price than charged by the official channels. Emails and in-game chats are also used for phishing exercises to get the personal information of players.
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Let’s take a look at some of the top LSE-listed gaming stocks which may be impacted by this news.
Keywords Studios plc (LON:KWS)
Founded in 1998 as a provider of localisation services for business software, Keywords Studios plc is an Irish video game industry services company. Its current market cap stands at £2,307.71 million. It has given a return of 38.67% in 1 year. The Keywords Studios plc’s shares were trading at GBX 3,026.00 on 18 October 2021 around 3 pm.
Team17 Group (LON: TM17)
Created by merging 17-Bit Software and Team 7 in 1990, Team17 Group plc is a UK-based video game developer with a current market cap stands at £1,007.08 million. It has given a return of 6.98% in 1 year. The Team17 Group plc’s shares were trading at GBX 770.00 on 18 October 2021 around 3 pm.
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Frontier Developments plc (LON: FDEV)
Frontier Developments plc’s current market cap stands at £974.54 million. It has given a negative return of 8.84% in 1 year. The Frontier Developments plc’s shares were trading at GBX 2,540.00 on 18 October 2021 around 3 pm.
Sumo Group Plc (LON: SUMO)
Sumo Group plc is a developer of video games which offers turnkey and co-development solutions. Its current market cap stands at £837.60 million. It has given a return of 88.76% in 1 year. The Sumo Group plc’s shares were trading at GBX 488.00 on 18 October 2021 around 3 pm.
Gaming Realms plc (LON: GMR)
Gaming Realms plc creates real money and social games for mobile users in the US and Europe. Its current market cap stands at £80.84 million. It has given a return of 23.91% in 1 year. The Gaming Realms plc’s shares were trading at GBX 29.80 on 18 October 2021 around 3 pm.
