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Update on Credit Card Processing
Document date: Fri 04 Aug 2000 Released time: Fri 04 Aug 2000 09:44:28
Document No: 182383 Document part: A
Market Flag: N
Classification: Other
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MY CASINO LIMITED 2000-08-04 ASX-SIGNAL-G
HOMEX - Perth
+++++++++++++++++++++++++
As advised in a notice to the ASX on 28 July 2000, the rapid growth
of My Casino's gaming activities and the corresponding increase in
the number and value of gaming transactions has led My Casino to
initiate an extensive upgrading of credit card transaction
procedures. These will be in place and the credit card transaction
facility will be operating by mid August.
The substantial growth and high turnover has extended the processing
systems that were in place initially and were based on a lower
turnover growth model. The credit card checking procedures used by My
Casino and Barclays Bank have recently identified an increasing
number of credit card transaction rejections, which have followed
this high level of growth.
To date we have received notifications of rejected credit card claims
totalling $A2.0 million, forming part of the current total amount of
uncleared credit card transactions of $A7.8 million. My Casino's
checking systems have led us to suspect that these rejected credit
card claims are the result of deliberate fraud attempted by
individuals using stolen credit card numbers.
One of the immediate safeguards that is being implemented with the
new system upgrade is that credit players winnings will be credited
back to their originating credit card accounts, which will negate the
use of a fraud account.
Meanwhile, we also enjoy a strong cash player base, which is showing
good returns.
My Casino is in a strong cash position with immediate cash on hand of
$A5.5 million which is more than sufficient to meet operating cash
needs.
While our overall gaming turnover for August may be impacted by the
detected frauds, from mid August we expect our operational growth to
be back to normal and our customer base and turnover to continue
expanding.
P Baird
COMPANY SECRETARY
Update on Credit Card Processing
Document date: Fri 04 Aug 2000 Released time: Fri 04 Aug 2000 09:44:28
Document No: 182383 Document part: A
Market Flag: N
Classification: Other
--------------------------------------------------
MY CASINO LIMITED 2000-08-04 ASX-SIGNAL-G
HOMEX - Perth
+++++++++++++++++++++++++
As advised in a notice to the ASX on 28 July 2000, the rapid growth
of My Casino's gaming activities and the corresponding increase in
the number and value of gaming transactions has led My Casino to
initiate an extensive upgrading of credit card transaction
procedures. These will be in place and the credit card transaction
facility will be operating by mid August.
The substantial growth and high turnover has extended the processing
systems that were in place initially and were based on a lower
turnover growth model. The credit card checking procedures used by My
Casino and Barclays Bank have recently identified an increasing
number of credit card transaction rejections, which have followed
this high level of growth.
To date we have received notifications of rejected credit card claims
totalling $A2.0 million, forming part of the current total amount of
uncleared credit card transactions of $A7.8 million. My Casino's
checking systems have led us to suspect that these rejected credit
card claims are the result of deliberate fraud attempted by
individuals using stolen credit card numbers.
One of the immediate safeguards that is being implemented with the
new system upgrade is that credit players winnings will be credited
back to their originating credit card accounts, which will negate the
use of a fraud account.
Meanwhile, we also enjoy a strong cash player base, which is showing
good returns.
My Casino is in a strong cash position with immediate cash on hand of
$A5.5 million which is more than sufficient to meet operating cash
needs.
While our overall gaming turnover for August may be impacted by the
detected frauds, from mid August we expect our operational growth to
be back to normal and our customer base and turnover to continue
expanding.
P Baird
COMPANY SECRETARY
