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Frieze Business Idea

In:

Submitted By dtroff181
Words 408
Pages 2
Frieze 1-Page Summer

Business Summary:
Frieze allows people across the world to simplify the process of identifying, reporting, and dealing with credit card fraud. Frieze is able to provide a free service to users through charging credit card companies for the cost savings that come with reducing the size of their customer service department that responds to fraud.

Problem:
After being notified of fraud, dealing with credit card companies to verify your information and freeze your card can be incredibly difficult. In addition, many individuals do not have cellular connections while traveling abroad and thus have to wait until their return to freeze their cards. This leads to further fraudulent charges. Lastly, some credit card companies are better than others when it comes to detecting fraud but this is a costly enterprise. Frieze allows consumers to safe time and credit card companies to save money.

Product/Services:
To clarify, this service is a mobile application that will exist on both Apple and Android platforms. After the user completes a thorough certification process, they will have the ability to avoid calling the credit card provider and freeze their account with the click of a button. In addition, Frieze creates a platform of simplified notifications by letting the user know every time their card was used 50 or more miles from their current location. The user will need to enter a 4-digit passcode to enter the application as well as written text before freezing a card or account.

Target Market:
The highest credit card fraud reporting was from the age range of 18-24 at 8.5%. In addition, 12.3% of households that earned more than $75,000 per year reported fraud. This market is growing in the U.S. as online and mobile fraud is increasing.

Competitors:
Credit Card Companies themselves have complicated detection systems in place and a

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