Assignment 4A Forming an Opportunity

1. I have a belief that an opportunity exists in regards of credit card fraud through skimming, a type of credit card theft where a small device is used to steal credit card information. This also applies to debit cards.

2. The unmet need of this opportunity is the prevention of skimming, a type of credit card theft that leads to credit card fraud. Any credit/debit card user has this need, as they are the ones that skimmers target. This need began when skimming devices were established, giving skimmers the opportunity of stealing credit card information. Credit card users try to meet this need by either inspecting the card reader before, attempting to avoid using their PIN, and or avoid paying with card when skeptical. Although these precautions are helping in avoiding credit card fraud, it does not guarantee the satisfaction of this need. In which, I am 80% sure that this opportunity exists as technological advances have risen through the years, as well as the amount of credit card users, giving skimmers a bigger chance of credit card theft. Also, my friends and family have experienced credit card fraud before.

3. The prototypical customer is a credit/debit card user.

4a. Customer #1: Credit Card User, Mother and Wife

• What is your preferred method of payment? 
• "Credit card."
• What is the exact nature of the need? 
•  "My husband and I are joint credit card holders, in which we both have faced credit card fraud multiple times and have had to cancel the card and be issued a new one multiple times. And each time this has occurred, we have never knew where or when the theft took place."
• When do you become aware of the need- that is, do you experience the need all the time or only sometimes?
• "I experience this need every time that I use my credit card, as I try to be careful when using credit card readers."
• How long have you had the need?
• "Ever since I got my credit card."
• When did you become first aware of the need? Why?
• "I first became aware of the need when I encountered my first interaction with credit card fraud. One day when I was checking my credit card balance, I noticed a big purchase made from a different city that neither my husband or I had made. I called my credit card company, and they cancelled the card immediately and issued me a new one. Ever since, I became very cautious when it came to using my credit card."
• How are you currently addressing the need?
• "I am always cautious of where I insert my credit card, and try to avoid using the PIN when it is not necessary."
• How satisfied are you with this solution above?
• "I think this solution helps prevent credit card fraud, though it does not ensure the prevention of fraud. Credit card theft is unpredictable and is an ongoing issue."

5a. Reflection:
Firsthand experience with credit card fraud can trigger a prototypical customer's unmet needs in terms of preventing this theft. What is even more dangerous about this situation is that credit card fraud is unpredictable and ultimately, unavoidable.

4b. Customer #2: Debit Card User, University of Florida Student

• What is your preferred method of payment? 
• "Debit Card."
• What is the exact nature of the need? 
•  "I've always had this ongoing fear of identity theft and credit card theft. Like I am so scared of getting my card information stolen."
• When do you become aware of the need- that is, do you experience the need all the time or only sometimes?
• "I never experienced credit card fraud, however I experience this need sometimes, when the concern pops up in my head, or whenever I am using my card."
• How long have you had the need?
• "Ever since I got my card."
• When did you become first aware of the need? Why?
• "When my finance teacher warned us about credit card readers at gas stations. He advised us to be cautious with these readers, as many credit cards have been read and information had been stolen at sketchy gas stations. Ever since, I've always tried to be careful."
• How are you currently addressing the need?
• "Whenever I am using my card, I be sure to be very cautious of where I am using it."
• How satisfied are you with this solution above?
• "Yes, but you can't trust anyone and credit card skimmers are everywhere. Credit cards are never in a safe spot, so it's important to always be aware and careful."

5b. Reflection: 

Even those who have not yet experienced firsthand credit card fraud, come across this unmet need with the fear of being a victim of credit card fraud and having their card get stolen. As this is an ongoing issue, it is evident that more people are being aware of the issue even before they get a card, which enforces them to be more cautious when they become a card owner. Due to the many incidents, the advice of being cautious around skeptical card readers and locations, increasingly continues to be given. Also, this unmet need also applies to debit card users. 

4c. Customer #3: Card User, University of Florida Student

• What is your preferred method of payment? 
• "Card payment." 
• What is the exact nature of the need? 
• "I do not want to face credit card fraud, I see it all the time on the news."
• When do you become aware of the need- that is, do you experience the need all the time or only sometimes?
• "I am aware of this need only sometimes, as I don't pay much attention to it until I come across another story on the news."
• How long have you had the need?
• "Since I got my card."
• When did you become first aware of the need? Why?
• "I read an article about the dangers of skimming occurring at gas stations, and saw many stories of it happening on the news. So I've always been aware of this issue and it seems like it is always happening."
• How are you currently addressing the need?
• "I don't really do much to address the need, though I do keep in mind that credit card fraud happens all the time."
• How satisfied are you with this solution above?
• "I'm good with it, but I know that there isn't much I can do to prevent it from happening." 

5c. Reflection:

Prototypical customers also seem to be gaining awareness from media, as many occurrences of this issue make it onto news stories. In which, others may not be paying that close attention to the issue, and don't really address the need since they have not yet experienced it. Though, when reminded of the issue of credit card theft in today's world, the sense to become cautious comes to mind again.

6. Summary:

Overall, I think the opportunity is still there, as this ongoing fear of credit card theft is pretty common for card users. Though, it is important to take note that although preferred card payment has increased through the years, there are still some people that still prefer cash payment to avoid this issue. After interviewing people, I do believe that my opportunity is more accurate than when I started. Many card users have this unmet need, as they are more aware when using their card to pay, in fear that their card information could be stolen. I do think that entrepreneurs should adapt their opportunities based on customer feedback, in order to satisfy the customer's unmet needs. By doing so, your product will become enhanced in terms of satisfying their unmet needs, which in exchange satisfies the company's needs as well. Though, it is also important to still hold onto your original opportunity and purpose as it is in fact, yours. In which, your own values and input combined with adaptability to customer's feedback is a great balance of prospering in the entrepreneurship realm.