Assignment 19A Idea Napkin No. 2

• Who are you?
• My name is Davina, and I am an 18-year-old freshman at the University of Florida. I am an Accounting major who intends on joining the 3/2 Program. My aspiration is to become a CPA and work in an accounting firm. After talking five of the closest people to me and reflecting upon myself, I am hard working, compassionate, self-driven, and organized. I am always one to give 110%, strive to achieve my goals, and be there for others when they need me. My past experiences with volunteer work and a three year internship at a federal credit union, have helped to further these skills that can be applied towards furthering this business concept. If I were to start this business concept, it would play a huge role in my life, knowing that I had been able to satisfy other's needs with a solution. Especially with an issue this big and expanding, it would leave a huge impact on my life.

• What are you offering to customers?
• I am offering credit/debit card users a product to help deter and prevent credit card fraud by skimming. With technological advances rising, it has become more efficient to get away with credit card fraud through skimming by hacking card readers with a small device that is able to read card information without consumer's knowing. In which, my product is solving this unmet need of the prevention of credit card fraud by notifying if a skimmer is apparent beforehand, in order to prevent the fraud. In other words, my product functions in a way that consumers will be able to check the card reader for skimmers before using, indicated by a green or red light, to avoid credit card fraud.
• (I did not make any adjustments for this part of my idea napkin.)

• Who are you offering it to?
• I am offering my product to credit or debit card users in Florida. This is mainly directed to those in Florida, because according to Credit Sesame, Florida is considered a high risk state in terms of credit card fraud, with high credit card complaints of 60 per 100,000 residents. It is among the top 3 high risk of credit card fraud states in the U.S. Eventually, I will then venture out my business to market in other states. As for the targeted market in Florida, I am specifically offering the product to those who use a credit or debit card, because they are the ones that skimmers target. 

• Why do they care?
• Card users care and will be interested in my product because all of the incidents with credit card fraud through skimming have one thing in common: the victims of fraud were unaware of when it had happened. That is what has makes skimming so successful, the fact that skimmers are able to steal credit card information from consumers through card readers without them even knowing. In which, this leads to the notion that consumers are never really fully aware until after the damage has been done. Therefore, with this common problem of not exactly knowing of whether they are facing fraud or not, consumers will seek my solution of preventing the fraud before the damage can be done. In which, my product will appeal to consumers, as they will be able to become aware of the issue before the issue of skimmers can negatively affect them. My product will situate the issue by allowing consumers to evidently be notified with a distinct green or red light, of whether or not they should be using the card reader. This precaution will help reduce the amount of credit card fraud through skimming. 

• What are your core competencies?
• For what I know, there is one leading competitor which is EMV chip cards. This high technology chip that is implemented on the new generation of cards, provides added security against fraud. Which is why, cards with EMV chips have been in high demand and card readers have added chip readers as well. This just shows that people are seeking solutions to avoiding credit card fraud in every way they can. Though, a major issue with EMV chip cards is that skimmers have found ways around it, and EMV card users are still in risk of fraud. Although the risk with EMV chips is lower than traditional cards, the risk is still there as many people are still facing fraud. This is important to note with my product, to be ready for skimmers looking to find their way through my product, in which I would have to be adaptable to. 
• In which, overall, this idea is set apart from everyone else, as although there has been steps towards preventing credit card fraud through skimming, the problem is still occurring. My solution is able to solve this issue by preventing the fraud beforehand, with the ability to check for skimmers. Whereas, other solutions in the past- including the avoidance of using card, being cautious of where you are inserting your card, and or EMV chips- have helped to lower the risk of fraud, but have not completely prevented it. 

• Evaluation
• Overall, I think that these elements work well together with the unmet need, targeted customers, reasoning, and solution. Though, one major drawback is the production of this product. I do not have any connections with people that can drive the product forward, as it is a complicated concept that would need to require professional technology. In which, this is why I would plan to start in one specific area first, then wait to see if my business can branch out. Seeing that this is a global problem, it raises pressures to making an effective product. 
• (I did not make any adjustments to this part of the idea napkin)

• Feedback Memo:
• Based on my feedback, they liked how I introduced and presented myself. I kept this in mind for my revised idea napkin, and only made a little adjustment of adding some of the strengths that five of the closest people to me said I had. I found this important to include in my idea napkin because it adds credibility and accuracy when the strengths you perceive yourself to have is also seen in the eyes of those around you. I felt like this addition was beneficial to my idea napkin.
• Another comment admired how I detailed how previous alternatives have attempted to prevent credit card fraud, but still fell short, and that credit card fraud is still an ongoing issue. I decided to build off of this feedback, and added a more detailed description of what I believed was my product's biggest competitor: EMV chip cards. With this added in my idea napkin, I feel like it gives consumers a better look on how my product is distinct from other alternatives, and how it can come on top.