Valve announced the end of sales of physical Steam gift cards, scheduled to occur as current stocks run out, which the company estimates will happen by the end of 2026. Although digital cards, sold directly by Valve, remain available, and physical cards already in circulation continue to be accepted on the platform, the measure represents a significant change.
This decision was driven by the increasing use of gift cards in global fraud, mainly targeting elderly people and individuals in vulnerable situations. The common modus operandi of these schemes involves persuading victims to purchase the cards and share the codes, which are notoriously difficult to trace and often employed in money laundering operations.
In its official statement, Valve indicated that the persistence and adaptability of scammers over the years were crucial factors in the company reconsidering its approach to marketing digital game keys.
Since 2012, when gift cards were launched in retail stores, and in 2017, with the introduction of the digital format, Valve has implemented several strategies to combat fraud. Actions taken include collaboration with retailers and law enforcement, including prominent alerts on cards about scams, restricting redemptions for user Steam Wallet currency, and removing cards from sale in suspicious activity scenarios.
Despite all efforts and increasing restrictions imposed, the company noted that scammers continued to refine their tactics, affecting both Steam customers and other innocent users. For this reason, Valve called the choice to end the physical gift card program in retail stores “difficult” as it seeks to protect its consumer base from persistent and evolving fraud. Digital cards, in turn, remain, as they are intrinsically less vulnerable to these types of scams, being sold directly through the platform and linked to specific accounts. It is possible that Valve is not the only company to follow this path in the games market.