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Conceptual Frameworks And Project Management

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Question:

Discuss about the Conceptual Frameworks and Project Management.
 
 

Answer:

Introduction

Frauds committed on credit cards proves to be one of the greatest dangers to business foundations today. Notwithstanding, to battle the credit card fraud, it is essential to first comprehend the systems of executing the credit fraud. The fraudsters employ a number of methodologies to in executing their plans. Credit card fraud can be defined in simple terms as:

"A situation where an individual uses someone else’s card for his or her personal reasons at a time when the card owner or the card issuer is not privy that the card is being used. Further, the individual utilizing the card has no association with the cardholder or the issuer of the card, and has no aim of either reaching the proprietor of the card or making reimbursements for the buys made".

  • A criminal act of deception (deceive with purpose) by utilization of unapproved account or potentially individual data
  • Illegal and or unapproved account utilization for selfish gain.
  • Wrongly presenting account information so as to acquire merchandise as well as services.

In spite of mainstream thinking, merchants are much more in danger from frauds committed by use of cards than the cardholders.

While shoppers may confront inconvenience attempting to get a deceitful charge turned around, traders lose the cost of the item sold, pay chargeback expenses, and dread from the danger of having closure of their merchant account.

Visa Inc. operates the world's largest retail electronic payments network and is one of the most recognized global financial services brands. It facilitates global commerce through the transfer of value and information among financial institutions, merchants, consumers, businesses and government entities. To address online fraud, Visa requires information on the effectiveness of its online security system via customer experiences with fraudulent behaviors to maintain and/or improve Visa’s market share.

 

The study sought to answer the following research questions:

  1. Does the number of credit card frauds differ between the male and the female customers?
  2. Does credit card fraud vary across the different age groups of the customers?
  3. What is the average time lost in resolving a card fraud? If Visa Inc. has set a time-period which is acceptable at 12 hours, will this be a significant improvement to the response time compared to what customers have experienced before?
  4. How often does an online or offline card fraud occur? Visa Inc. is willing to invest in an updated online security which will decrease the number of online card fraud only if online transactions are more vulnerable to fraud compared to offline transactions. What is your recommendation?
  5. Do any of the customers’ satisfaction scores of ‘response time’, ‘the level of advice’, and ‘the level of communication’ influence the overall satisfaction with the credit card fraud resolution team?

The design used for this study was both descriptive and analytical in nature (Shields & Rangarajan, 2013). Data on assessing the effectiveness of Visa Inc. online security system as well as assessing customer experience regarding personal fraud was collected. A simple random sample of 2000 customers was selected. Surveys were sent to the respondents and only 420 responded.

The questionnaire comprised of a number of questions that attempted to know the opinions of the respondents regarding their personal experience in relation to fraud as well as the effectiveness of Visa Inc. online security system. The survey used to collect data is provided below and the survey responses were collated in excel.

Statistical Technique and Justification

To test hypothesis one, an independent samples t-test was used as this is the most appropriate test to compare the difference between mean two factors that are unrelated (Derrick, Toher, & White, 2017).

To test hypothesis two, a Chi-square test of association was used as this is the most appropriate test to check for association between two groups of categorical variables (Plackett, 2003).

To test hypothesis three, one-sample t-test was used as this is the appropriate test to compare the difference between mean of one variable and a pre-determined mean (Zikmund, Babin, Carr, & Griffin, 2013).

To test hypothesis four, a two samples t-test was used as this is the appropriate test to compare the difference between mean of two groups of variables (Zikmund, Babin, Carr, & Griffin, 2013).

To test hypothesis four, a multiple regression model was used as this is the appropriate test to analyze the relationship between two or more independent variables with a dependent variable (Armstrong, 2012).

 

Results, and Statistical and non-statistical Interpretation

In this section, we present the empirical results as well as the statistical and non-statistical interpretation of the results.

 

Gender

N

Mean

Std. Deviation

Std. Error Mean

Number of frauds

Female

152

10.9013

6.83559

.55444

Male

126

10.1984

6.32837

.56378

An independent samples t-test was done to compare the mean average number of card frauds experienced by the males and the females. Results showed that the females (M = 10.91, SD = 6.84, N = 152) had no significant difference in terms of the number of card frauds experienced when compared to the males (M = 10.20, SD = 6.32, N = 126), t (276) = 0.883, p > .05, two-tailed. The difference of 0.703 showed an insignificant difference. 

Non-statistical interpretation:

Essentially results showed that female and male respondents who took part in the study had no significant differences in average number of card frauds they experienced.

 

Whether experienced credit, debit or EFTPOS card fraud in last 12 months

Total

Experienced credit, debit or EFTPOS card fraud in last 12 months

Did not  experience credit, debit or EFTPOS card fraud in last 12 months

Age

25 years and below

67

33

100

26-35 years

66

42

108

36-45 years

80

32

112

46-55 years

42

22

64

56 and over

23

13

36

Total

278

142

420

 

Value

df

Asymp. Sig. (2-sided)

Pearson Chi-Square

2.742a

4

.602

Likelihood Ratio

2.753

4

.600

Linear-by-Linear Association

.024

1

.878

N of Valid Cases

420

 

 

a. 0 cells (0.0%) have expected count less than 5. The minimum expected count is 12.17.

A chi-square test was performed and no relationship was found between gender and whether participants experienced credit, debit or EFTPOS card fraud in last 12 months,

Gender does not influence on whether the participant will experience credit card fraud or not.

 

Question 4

Test

Mean

13.65108

12

Variance

308.4302

0

Observations

278

204

Pooled Variance

177.9899

 

Hypothesized Mean Difference

0

 

df

480

 

t Stat

1.342407

 

P(T<=t) one-tail

0.090049

 

t Critical one-tail

1.648034

 

P(T<=t) two-tail

0.180099

 

t Critical two-tail

1.964918

 

From Table 5, it is evident that t-calculated (1.34) is less than t-critical (1.965) and p-value is greater than the significance level (5% level of significance), thus, we fail to reject that null hypothesis that the average time lost in resolving a card fraud is equal to 12 hours (p-value 0.180) at 5% level of significance.

Non-statistical interpretation:

The time lost in resolving a card fraud is equal to 12 hours. Therefore, the resolving time which is 12 hours set time-period is within the acceptable time of 12 hours.

 

Offline

Online

Mean

4.31295

6.269784

Variance

23.47211

15.40349

Observations

278

278

Pooled Variance

19.4378

 

Hypothesized Mean Difference

0

 

df

554

 

t Stat

-5.23285

 

P(T<=t) one-tail

1.19E-07

 

t Critical one-tail

1.647609

 

P(T<=t) two-tail

2.37E-07

 

t Critical two-tail

1.964255

 

Statistical interpretation:

From Table 6, it is evident that the absolute t-calculated (5.23) is greater than t-critical (1.964) and p-value is less than the significance level (5% level of significance), thus, we reject that null hypothesis that the average number of online and offline credit frauds is equal (p-value = 0.000) at 5% level of significance.

The average number of online credit frauds (6.27) is greater than that of the offline credit frauds (4.31). Therefore, Visa Inc. should invest in an updated online security which will decrease the number of online card fraud since we found out that the online transactions are more vulnerable to fraud compared to offline transactions.

Table 7: Model Summary

Model

R

R Square

Adjusted R Square

Std. Error of the Estimate

1

.957a

.916

.916

.91171

a. Predictors: (Constant), Level of communication, Response time, Level of advice

Table 8: Analysis of Variance (ANOVA)

Model

Sum of Squares

df

Mean Square

F

Sig.

1

Regression

3787.777

3

1262.592

1518.973

.000b

Residual

345.785

416

.831

 

 

Total

4133.562

419

 

 

 

a. Dependent Variable: Overall Satisfaction

b. Predictors: (Constant), Level of communication, Response time, Level of advice

                                            Table 9: Regression coefficients Coefficientsa

Model

Unstandardized Coefficients

Standardized Coefficients

t

Sig.

B

Std. Error

Beta

1

(Constant)

.210

.072

 

2.932

.004

Response time.

.349

.049

.390

7.129

.000

Level of advice

.573

.093

.708

6.164

.000

Level of communication

-.119

.098

-.133

-1.215

.225

a. Dependent Variable: Overall, I am satisfied with my experience with the card fraud resolution team.

 

Statistical interpretation:

The p-value for the F-Statistics shows that the model is significant and that is significantly different from zero. The R-Squared is 0.916; this implies that 91.6% of the variation in the dependent variable (Overall satisfaction) is explained by the three explanatory variables in the model.

As can be seen from table 9 (regression coefficients), out of the three explanatory variables, two are significant in the model. The two significant variables are response time and level of advice (p-value < 0.05). Level of communication is however insignificant in the model (p-value > 0.05).

Both the response time and the level of advice are positively related with the dependent variable. This implies that a unit increase in either response time or level of advice would result to an increase in the overall satisfaction. Similarly, a unit decrease in either response time or level of advice would result to a decrease in the overall satisfaction.

There is relationship between the independent variables (satisfaction scores of ‘response time’ and ‘the level of advice’) and the dependent variable (Overall satisfaction with the credit card fraud resolution team). However, we found that there is no relationship between the independent variable (‘the level of communication’) and the dependent variable (Overall satisfaction with the credit card fraud resolution team).

Five hypothesis were tested in this study. Results have shown that fraud does not recognize gender but rather cuts across all the gender. This is to mean that no gender was found to be more prone to fraud than the other. The time lost in resolving a card fraud was found not to be less than 12 hours; on average the resolving time was 13.65 hours.

The number of online credit fraud were found to be significantly more as compared to the number of offline credit fraud.

Lastly, two independent variables were found to significantly predict the overall satisfaction of the customers. The two are the response time and the level of advice.

 

Conclusion

With increase in the business transactions involving credit cards, so does the credit frauds. Unmistakably, worldwide systems administration introduces the same number of new open doors for offenders as it improves the situation organizations. Despite the fact that the use of credit cards has opened numerous doors aimed at making ease to conduct businesses, the internet evolution has on the other hand resulted to increased likelihood of fraud especially online credit fraud perpetrated by malicious people who are out to enrich themselves.

Fortunately innovation for counteracting Visa cheats is likewise making strides many folds with entry of time. Diminishing computing expense is aiding in bringing in complex frameworks, which can examine a deceitful exchange within very few seconds.

This study sought to examine the current situation for the Visa Inc. With a sample of of 420 customers we were able to develop research questions that would enable us analyze the current situation at the Visa Inc. We began by analyzing whether there is any significant association between the gender of the customers and whether or not they had experienced a credit card fraud in the last 12 months. Results showed that being a male or a female has no association with experiencing a credit fraud in the last 12 months.

Currently the company was found to take more than 12 hours to resolve issues to do with credit fraud when presented by the customers-this is against the acceptable period of 12 hours or less.

In the study, we conducted a regression analysis to find out whether there is a significant relationship between the overall satisfaction of the customers and the three independent variables (Response time, level of advice and level of communication). Results showed that there was a significant relationship between the two independent variables (Response time and level of advice) and the dependent variable (Overall satisfaction with the credit card fraud resolution team). Level of communication did not however have significant relationship with the dependent variable.

Recommendations

After the conducting the analysis, a number of interesting findings were established that needs quick attention of the Visa Inc. management team to work on. Based on the findings were make recommendations that would see the company maintain their business while at the same time ensuring that their clients are served in a manner that would enable continue using the services without fear of losing to the fraudsters. The management should work on the following key areas:

  • Improve on response time; currently the response time is more than the acceptable time of 12 hours. The management should see on how this time comes down to at most 12 hours.
  • Focus more on h0w to decrease the number of online card fraud since it was established that the online transactions are more vulnerable to fraud compared to offline transactions.
  • Continue working on response time and the level of advice given to the customers as they have an impact on the overall customers’ satisfaction levels.

However, based on the results obtained, both the female and the male clients need to be accorded equal protection in regard to credit fraud. Results showed that there is no significant difference in the number of frauds experienced by the males and the females.

 

References

Armstrong, J. S. (2012). Illusions in Regression Analysis". International Journal of Forecasting (forthcoming). 28(3), 689.

Derrick, B., Toher, D., & White, P. (2017). How to compare the means of two samples that include paired observations and independent observations. The Quantitative Methods for Psychology, 13(2), 120-126.

Kutner, M. H., Nachtsheim, C. J., & Neter , J. (2004). Applied Linear Regression Models.

Plackett, R. L. (2003). Karl Pearson and the Chi-Squared Test. International Statistical Review, 51(1), 59-72.

Shields, P., & Rangarajan, N. (2013). A Playbook for Research Methods: Integrating Conceptual Frameworks and Project Management.

Zikmund, W., Babin, B., Carr, J., & Griffin, M. (2013). Business research methods (9th ed.): Cengage Learning. 209.

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