Saturday, August 31, 2019

Macroeconomic Analysis: Russia

Since the financial crisis in 1998, Russia has been experiencing impressive economic growth due to the collaboration of monetary and fiscal policies that stabilized the performance of major economic indicators up to this day. Many economists regard the impressive performance of Russia as part increase of the volume of investment in the said country. On the other hand, some says that the notable growth of Russia should be attributed to the increase of oil prices in the international market (Traveldocs.com 2008: 1). Despite of the various claims on what really was the foundation of Russia’s economic stability for the past nine years, it would be better to examine first what are the performances of some major economic indicators like GDP Growth, Balance of Trade, Inflation Rate, Unemployment Rate and Interest Rate of the said country for the past four years. GDP Growth Rate In 2004, Russia experienced 7.76 percent growth on their GDP from 1.4 billion USD of 2003 to approximately 1.5 billion USD of 2004 (Alcarastore.com 2008: 1). This increase in the GDP growth rate was triggered by the improvement of consumer demand from 2003 to 2004. On the other hand, by the end of 2005, Russia experienced sluggish improvement on the growth of GDP from 7.76 to 6.93 percent primarily due to the instability happened on the investment component of the economy caused by unclear limit and conditions non foreign investment, obsolete infrastructure as well as delayed economic reforms of the government. But in general sense, the GDP of Russia still increased by around 150 million USD. By 2006, Russia once again performed robust increase on their GDP growth rate from 6.93 to 7.8 percent as the economy starts to recover from the adverse effects of unstable investment climate caused by delayed fiscal policies. Last 2007, the Russian GDP already reached its 2 billion USD level which caused their GDP growth rate to achieved 8.3 percent growth level as the investors and consumption continues to improve in the domestic market of Russia. Trade Balance Another major economic indicator of Russia’s economic performance would be the Trade Balance. For the past four years, the trade balance of Russia has been performing remarkable as this economic indicator continues to increase from 2004 to 2007 due to the strong consumer demand and fixed capital formation growth of the Russian economy. In 2004, the trade balance of Russia reached around 85.8 billion USD as the consequence of the increase of their non-oil exports by the end of 2003. The improvement of non-oil exports of Russia continued to positively influence the trade balance of the said country for the succeeding years like in 2005, the trade balance increased by 23 billion USD while it increased by 22 billion in 2006 (The Federal State Statistics Office Service 2007: 1). Though there was a slight growth in the trade balance of Russia during 2007 due to the significant excess of growth rates of import above the growth rates of exports. Nonetheless, the Russian economists is still optimistic regarding the performance of the trade balance of the Russian economy this year as their monetary and fiscal policies starts to combat the said issue on trade balance. Inflation Rate Prices of goods in Russia has been experiencing sluggish growth rate since 2003 as the result of the fiscal policies of the Russian government despite of the fact that they also have to lower down their unemployment rate. Theoretically, if unemployment rate decreases, inflation is being expected to increase based from the Philips Curve, but with the fiscal policies of the Russian government such as the bilateral market access agreement with the United States as a prelude to their possible entry to WTO, prices of domestic goods starts to decrease thereby creating a force for the inflation rate to decline since 2003 (Indexmundi.com 2007a: 1). In 2004, the inflation rate was equivalent to 13.7 percent while it reached 11.5 percent in 2005 (Indexmundi.com 2007c: 1). Though it increased again to 12.7 percent in 2006, inflation rate still managed to continue its good performance in 2007 by reaching 9.8 percent as the policies on regional monopolies and trade regulation of the Russian government starts to work on their economic system to stabilize the domestic prices of goods and services (Russiatoday.ru 2007: 1). Unemployment Rate As the number of job opportunities in Russia continues to increase for the past years plus the effort of the Russian government to attract more foreign investors to their economy, unemployment rate starts to decline since 2004 with 8.5 percent unemployment rate. By the start of 2005, the Russian government already felt the positive impact of their rigorous action to provide more job opportunities to the Russian labor pool which resulted to the further deterioration of unemployment rate from 8.5 percent of 2004 to 8.3 percent of 2005 and then from 7.6 percent in 2006 to 6.6 percent of 2007 (Indexmundi.com 2007b: 1). This only means that the Russian government has been successful for the past four years in combating the unemployment rate of their country which could further contribute to their impressive economic growth in the next coming years. Interest Rates One of the most concerns of foreign investors, interest rate on borrowing in Russia exhibits good investment condition as it continues to decreases annually due to the stable financial sector of Russia for the past years after the financial crisis in 1998. The loan rate or the interest rate on borrowing on Russia in 2004 was equal to 11.4 percent and decreased to 10.7 percent by 2005 as the Russian government started to implement economic reforms on their financial institutions in order to make their economy more attractive to foreign investors. As a result, with the stable financial sector and fiscal policies to attract more foreign investors, interest rate on borrowing continues to decline from 10.4 percent in 2006 to 10 percent in 2007 with accordance to Ordinance No. 1660 dated in February 17, 2006 (The Central Bank of the Russian Federation 2005: 1). Economic Strengths and Weaknesses Based from the given performance of Russia’s major economic indicators, it is clear that the business environment in Russia is very much attractive and provides a better outlook in the next couple of years. Like for instance, the impressive growth of their GDP, it only signifies how active is the domestic consumption and investment level in the Russian economy and gives the investors a bird’s eye view of the possible return to investment that the Russian economy could give to them. Moreover, despite of the fact that there were some periods wherein the Russian economy performs badly, but the point is, with the proper action of the Russian government, almost all of the economic problems was resolved and put the market back into its equilibrium condition. Another example of the strengths of the Russian economy would be the cheap borrowing in Russia as their interest rate on borrowing continues to declines for the past years in order to attract more foreign investors to their economy. This would provide further improvements on the investment sector of the Russian economy plus the possibility of increase in the number of job opportunities for the Russian labor pool. As a result, economic activity in Russia is expected to boost alongside with the improvement in the investment and labor sector of the economy. Most of the time, investors prefer countries that can offer cheaper loans in order to finance their business expansion especially those multinational companies that aggressively finds more countries which could give them competitive advantage either in a form of cheaper labor, loans, technologies, favorable government subsidies and other factors of production to name a few. Furthermore, the effort of the Russian government to become less dependent on their oil exports in order to attain impressive economic growth by increasing the volume of their non-oil exports goods and services. This would provide an avenue towards the attainment of sustainable growth on their trade balance. The fact that the Russian oil exports already provides large chunk on the total GDP of the country plus the improvement on the volume of their non-oil exports reflects the increasing trend of their trade balance for the past years. Maybe this is one of the results of attracting more foreign investors in Russia which establishes manufacturing plants in Russia and then export the finished products to the international markets. The last but not the least strength of the Russian economy would be the increase in the number of job opportunities for their labor sector. This provides enough room for the Russian consumers to have more disposable income which reflects to the increasing domestic consumption of their consumers in the recent years. As a result of the increase in disposable income of the consumers, domestic investment becomes more profitable thereby attracting domestic investors to establish or expand their business. At the end of the day, both the foreign and domestic investors in Russia works hand in hand in order to utilize the Russian labor sector; while on the other hand, it also provides an avenue towards the improvement per capita income of the Russians. One of the major weaknesses of the Russian economy would be the dependence on the foreign direct investments which could cause major damages on their economic stability once the financial sector in Russia becomes unsuitable to foreign investment. What the Russian government should do is to intensify their domestic investments in order to provide enough room for their domestic investors to utilize the improvement made the foreign investors on the economic environment in Russia through rapid expansion and regulation of regional monopolies in order for other domestic investors to enter various industries. Evaluation of the Government Policy The Ordinance No. 1660 which provides the further decrease of the interest rate on borrowing since 2006 serves to be one of the effective policies of the Russian government in order to make the Russian economy more attractive to foreign investors. Furthermore, this policy only provides an impression to the foreign market how stable the Russian financial sector is since they manage to offer lower interest rates on borrowing to foreign investors. The Russian government is very much confident that they can sustain such policy since they possesses large amount of foreign reserves that can easily be liquidated in case of money shortages in the economy (Ignatiev 2007: 1-2). The bilateral market access agreement with the United States as a prelude to their possible entry to WTO of Russia is also a good policy in further improving the stability of the Russian economy since this provides an avenue towards the attainment of lower inflation rate in the domestic market as cheaper goods from other country starts to enter Russia. At the end of the day, the domestic prices of goods and services in Russian domestic market, especially those from the regional monopolies, would be forced to lower down their prices in order to compete to imported products coming from other countries thereby creating enough room for the inflation rate of Russia to depreciate for the past year. Works Cited Alcarastore.com (2008). Russia GDP PPP and GDP Growth Rates 2003-2007 [online]. Available: http://www.alacrastore.com/country-snapshot/Russia. [Accessed 2 April 2008]. Ignatiev, Sergey (2007). The Macroeconomic Situation and Monetary Policy in Russia [online]. Available: http://www.bis.org/review/r070608d.pdf [Accessed 2 April 2008]. Indexmundi.com (2007a). Russian Economy Profile 2007 [online]. Available: http://www.indexmundi.com/russia/economy_profile.html [Accessed 2 April 2008]. Indexmundi.com (2007b). Russia Unemployment Rate [online]. Available: http://www.indexmundi.com/russia/unemployment_rate.html [Accessed 2 April 2008]. Indexmundi.com (2007c). Russia Inflation Rate (Consumer Prices) [online]. Available: http://www.indexmundi.com/russia/inflation_rate_(consumer_prices).html [Accessed 2 April 2008]. Russiatoday.ru (2007). Russia to miss 2007 inflation target: Economic Minister [online]. Available: http://www.russiatoday.ru/business/news/15319 [Accessed 2 April 2008]. The Central Bank of the Russian Federation (2005). Interest Rates in 2004 [online]. Available: http://www.cbr.ru/eng/statistics/credit_statistics/print.asp?file=interest_rates_04_e.htm [Accessed 2 April 2008]. The Federal State Statistics Office Service (2007). Foreign Trade of the Russian Federation [online]. Available: http://www.gks.ru/free_doc/2007/b07_12/25-02.htm [Accessed 2 April 2008]. Traveldocs.com (2008). Russian Federation: Economy [online]. Available: http://www.traveldocs.com/ru/economy.htm [Accessed 2 April 2008]. Â  

Friday, August 30, 2019

Language and communication difficulties Essay

1.3: Describe the potential impact of speech, language and communication difficulties on the overall development of a child, both currently and in the longer term. Lack of confidence: Throughout a child’s school life, as well as adulthood, individuals with SLCN will struggle to find confidence in a number of areas. Many children will come across as shy or timid, whereas they may actually be unable to say what they want to say through lack of understanding. Language barriers restrict a child’s opportunity to participate, and often leave them feeling unvalued or excluded. Without confidence, individuals will fail to become independent and possibly become reliant on adults or peers. Problem solving: Due to the lack of skills needed, problem solving can become an extremely daunting task. Barriers that may seem easy to overcome (for most individuals) can cause children with SLCN a huge amount of anxiety and stress. Children will not be able to fully understand how to manage problems, where to go to, or how to explain what exactly is wrong. Instead, many problems will be left alone, creating a higher level of stress. Emotional regulation: Dealing with emotions can be hard for everyone, but being able to communicate with others will often leave individuals with a sense of reassurance. Children with SLCN will find it harder to explain the emotions they are going through, and may not understand how to effectively manage their emotions as a consequence. As anxiety levels may be constant, children will often feel worried and nervous about situations. During adulthood, this may lead to stress and depression. Adults may isolate themselves which could have a significant impact on work, friendships and relationships. Behaviour control: Unfortunately, for some SLCN individuals, a lack of understanding can often lead to poor behaviour. Children, who find work too hard or confusing, can often allow their mind to wander, and become easily distracted. In turn, the child may cause distractions in lessons and seem to be behaving badly. The issue may be strengthened when the child is questioned and barriers prevent them answering confidently. Children struggle to stay on task and often leave work incomplete which may lead to further sanctions. EYMP5-1.3: Describe the potential impact of speech, language and communication difficulties on the overall development of a child, both currently and in the longer term. Academic Achievement: Children’s achievement will be greatly restricted as they will always find the work seemingly harder than their peers. Individuals with SLCN must be allowed time and space to complete tasks, and their instructions would be minimised to a level that they can understand. Due to the time management, they may have differentiated work patterns meaning that they are not completing as much work as their peers. Tests can cause huge amounts of stress and even for the brightest of students, a failure to understand questions as well as difficulties in managing emotions can lead to lower test scores. Making friends: Social impacts can include difficulties in friendships. Bonds between peers can become harder with SLCN children as they may not fully understand their role as a friend. Children may feel excluded from playtime activities and due to lack of confidence, decide to stay alone instead of participating. As children grow up, they will find it increasingly difficult to form friendships with children who are already in groups. During adulthood, this may not change. Adults may even fear employment, worrying that they do not  have the social skills to bond with other employees. Sustaining relationships: In adulthood in particular, sustaining relationships can be a very stressful situation. A lack of understanding between two people can lead to a distance in thought processes. The worry and anxiety levels of adults with SLCN can often be extremely high, and instead of â€Å"failing,† they may be reluctant to even try. Adults can often argue, which again would be a difficult task to overcome for someone with language and communication barriers. Many adults may not realise, or fully understand, what they need to do to correct situations and maintain healthy and positive relationships.

Cadbury

Chocolate Consumers Feeling Guilty For The Wrong Reasons†¦ STUDENT NAME: SANA SHROFF STUDENT ID NUMBER: 4069231 Table of Contents i. Introduction ii. Summary iii. Objectives of research iv. Marketing and self-concept v. Motivational strategies vi. Cadbury and its decisions vii. Conclusions viii. Recommendations ix. references Introduction Cadbury has been upgrading its manufacturing facility in Australia since 2001 and has become one of the most popular confectionery brands and flavours in the world.Cadbury has a total of fifty per cent market share in the confectionary market, selling 50 % of the top 20 selling chocolate singles in the world. Cadbury is a market-oriented company, therefore its success relies on satisfying the needs and wants of its consumers. It is able to do so by constantly listening to its consumers and its ability of getting adapted to the constant changes in the environment. In response to these changes, Cadbury seeks to create new products, improve on its existing core brands and browse new ways to add value to those brands. SUMMARYThe given case study recognizes the unethical practices used by Cadbury using palm oil instead of cocoa butter in one of their products to cut down on their expenses. This activity of Cadbury therefore left its consumers and other environmental organisations (WWF) attacked. It tried to gain back their consumers trust by their high profile announcements of using the fairtrade logo very shortly for the Dairy Milk Brand in key global markets. Due to the negative response of customers, Cadbury decided to get back to its Cocoa-Butter only formulae and apologized for non-environmental friendly decision made by them.This report illustrates that with corporate governance, ethical behaviour is an integral part of every business (referring to Cadbury in this case). It outlines the key features of the case study and majors out in the marketing/advertising aspect of Cadbury. It also outlines the relevance of self-con cept to marketing and the connection between motivational strategies and consumer behaviour, with a brief conclusion on the case and separate recommendations for Cadbury.Unethical behaviour and lack of Corporate Social Responsibility may damage a firm’s reputation and make it less appealing to its stakeholders, whereas on the other hand, ethical behaviour and efficient corporate social responsibility can bring significant benefits to a business. OBJECTIVES OF RESEARCH Chocoholics: * NZ confectionery market including seasonal products: $490m * NZ chocolate market including seasonal products: $315m * NZ block chocolate market: $100m * NZ Easter egg market: $28m Source: CadburyChocolate is believed to be a stress buster , energizing brainwaves and decreasing your stress level because it contains ingredients that cause the brain to release endorphins(chemicals that make people feel better) & serotonin(anti-depressant). This is why people hog on chocolates or other sweets when the y are angry or depressed. Chocolates therefore act a relaxing notion beneficial to your health. Research shows that the use of chocolates is on the rise global production of cocoa climbing up to 2% each year, reaching approximately 3 million tonnes.An anarchistic study by psychology professor Paul Rozin discovered that chocolates are eaten because of its taste. People eat chocolates because of its taste and its flavour. The activation your body gets every time you eat a chocolate provides feeling to your taste buds makes you come back for it again and again. Marketing & Self-Concept†¦ The principal marketing goal for large business organisations is to focus on the most profitable opportunities in global markets in their own product category and can take the form of quality or quantity or a mix of both.There is a simple logic behind gaining profit with value-by adapting the discernibility and volume in the global market, a business is at its best to provide its consumer with qua lity products accompanied by the best value for money. Another marketing aim is to provide innovation in products along with quality and price which will therefore help increase the volume of sales and market share. Innovation is an approach of being unique and different, an approach that every firm aims by developing their methods of conducting a business.This approach helps firms to stay ahead of the competition. It can be fulfilled by identifying the new opportunities, adapting to the new changes in the environment, assessing the market research information and eventually allocating resources to commercialise on those opportunities. A firm that can easily adapt itself to the changing business environment and the constant changes in its consumers’ perceptions, needs, wants and interests will be able to satisfy its consumers accurately with the most innovative products.The advancement of Cadbury’s Yowie in autralia elucidates these marketing strategies and provides a link between marketing and self-concept. This self-innovation by Cadbury has proven to be a successful product in children’s confectionery market in Australia. It even got voted as the best new confectionery product in the world in 1997 by the world’s grocery press. Yowie is a value for money, awakening and attracting chocolate product relating to a significant cause-the environment. This is how it exemplifies the innovation process from Cadbury of adding more value to a product in a socially fascinating way.This is how Cadbury has built its self-concept by providing its consumers with the benefits that they desire. Self-concept is significant for the study of consumer behaviour because most of the purchases made by the consumers are directly inclined by the image a particular firm has made of it. Marketers need to evaluate this approach of self-concept which will lead them to the development of more effective marketing programs. Compliance and consistency play an impo rtant role in establishing strong relations between self-concept, image of the firm and the final buying behaviour.Appropriate research, analysis and evaluation of the factors affecting the self-concept and their effects on consumer purchasing behaviour will provide more effective market strategic planning. Motivational Strategies The research done for this project shows that consumers do not evaluate the products very accurately & precisely which therefore makes it difficult for marketers to coherent their motivational drives. Consumer buying behaviour depends vastly on the exchange between the inner self and outer urge.Decisions made in the market are influenced by moral values, social relationships, cultural adherence & environmental conditions. We will now extend the list of ways for promotional strategies. there are various strategies used to attract consumers towards the brand and its products. Every consumer segment has its own individual motivation behind buying a particular product. The marketers therefore need to identify and isolate those strategies and perform their promotional activities. This makes it easier to target products and advertising in a more meaningful way to increase consumption.Referring to the given case, the food managers have also paid attention to two types of strategies to resolve motivational conflicts: * Maslow’s Hierarchy Of Needs * McGuire’s Psychological Motivations. These requirements play a significant role in predominance of consumer behaviour. Motivational conflict is an approach that deals with the colliding motivational drives of the consumers. Therefore here the product is used as a solution to such collision of drives. Maslow’s strategy has already been briefly examined in the given case, therefore we skip to McGuire’s Psychological Motivations.It is a classification system that organizes theories of motives into 16 categories which helps marketers to detach motives likely to be involved in various consumption situations. THE DIVISIONS OF CATEGORIES ARE: * Cognitive Preservation Motives: Identifies whether the brand has been performing well consistently. a. Need for Consistency b. Need for Attribution c. Need to categorize d. Need for objectification * Cognitive Growth Motives Includes self-control, variety, and difference of products and achievement of desires. a. Need for Autonomy b. Need for Stimulation c.Teleological Need d. Utilitarian Need * Affective Preservation Motives To reduce stress, express self-identity to others, protection of ego and need of reward. a. Need for Tension Reduction b. Need for Expression c. Need for Ego Defence d. Need for Reinforcement * Affective Growth Motives To increase self-esteem and develop mutually satisfying relationships with others. a. Need for Assertion b. Need for Affiliation c. Need for Identification d. Need for Modelling. According to McGuire ,these divisions would help to resolve the motivational conflicts of consumer buying a Cadbury.Cadbury and its Decisions†¦ Eventually, coming to one of the major hurdles of the case study i. e. , Cadbury using palm oil in its dairy milk product. Cadbury being a large family-owned business is the giant of New Zealand chocolate manufacturing and the 4th largest confectionery business in the world. Therefor it becomes the first of all brands to catch the attention of the general public. Consumers not only have high expectations out of Cadbury but they even enjoy Cadbury’s nature of reciprocating focus mainly on its consumers.But due to the flash of the palm oil incident, customers stopped buying chocolates in droves and The company lost its title of â€Å"New Zealand's most trusted brand. Cadbury taking the decision of trimming its chocolate block sizes by 50g and replacing the expensive ingredient called cocoa butter by the environmentally perplexed and tremendously cheap PALM OIL as a cost cutting strategy which was aspired to be a smart response to the on-going global recession but foolishly turned out to be a public relations hazard.As for the very first time, Cadbury did not target its consumers in this decision-making process and focused only on their own costs and profit, not its effectiveness. Palm oil is a pugnacious constituent and is one of the principal reasons for global warming and accelerated habitat extermination leading to the deaths of orange-tans in vast numbers and is also considered to be the â€Å"single biggest threat for the survival of orang-utans in the wild†. Abundant amount of the oil comes from the land where existing rainforests have been lacerated and conflagrated just to make way for Palm oil plantations.Consumers got even more excited on Cadbury’s use of palm oil even though there are so many manufacturers out there using palm oil in their products because they had blind trust over Cadbury, it inheriting its brand loyalty since so many years and suddenly they hear in the news next morning that the market leader of the confectionery industry †¦having the largest market share of all†¦the role model for all beginner manufacturers has set the wrong example and followed a non-eco-friendly practice of using palm oil instead of its traditional cocoa butter just to cut down on its raw materials expenditure.This is why Cadbury lost its consumer loyalty all of a sudden. Conclusion Cadbury finally lost against consumer pressure and announced that it has decided to go back to cocoa butter instead of the environmentally harmful palm oil. Cadbury New Zealand managing director Matthew Oldham said he was â€Å"really sorry† and that the decision was in direct response to consumer feedback, including hundreds of letters and emails. Therefore proving that Cadbury can never let down its consumers to make profit and that it is surely a market-oriented firm.Members of the nearly 3500-strong Facebook group ‘Take palm oil out of Cadbury chocolate bars' were jubilant at this news. Auckland Zoo director Jonathan Wilcken also congratulated Cadbury on their decision. Recommendations Cadbury needs to have more diversity in its product portfolio and use its profits in the needed areas of the business, for example-R;D, rather than depending only on its confectionery and beverage market. According to today’s lifestyle, due to rising obesity, more than half of the world has become diet conscious and is obsessed with healthy food and calories counting.Thus this is a threat for Cadbury affecting the demand for its existing core brands. New markets are an opportunity for Cadbury. In countries like China and India, where population is reaching the peak giving rise to consumer wealth and spending power, demand for confectionery products will also increase. REFERENCES * INTERNET * ARTICLES * NEWPAPERS * Peter Stimpson and Alastair Farquharson Cambridge International AS and A Level second edition. * Cambridge international IG business Courseboo k. Cadbury ANALYSIS ON CADBURY’S CORPORATE COMMUNICATION PRACTICE 1. 0Introduction The Cadbury story is a fascinating study of industrial and social development, covering well over a century and a half. It shows how a small family business developed into an international company combining the most sophisticated technology with the highest standards of quality, technical skills and innovation. (http://www. studymode. com/essays/Cadbury-527696. html) 2. 0Company Overview The Cadbury's company began life in a modest grocer's in the UK in the 1820s by Quaker, John Cadbury.The most popular item that he sold was cocoa, which made Mr Cadbury make chocolate. The success of this enterprise led John Cadbury and brother, called Benjamin, to form the Cadbury Brothers business, and in the 1850s they were awarded a Royal Warrant as producers for Queen Victoria, an accolade that the company still holds for the monarchy today. John Cadbury's sons Richard and George took over the company in the 1860s, an d five years later introduced a new way of pressing cocoa butter to form the essence of cocoa.They introduced a variety of different chocolates and began, for the first time to sell assortments in boxes that had attractive designs and pictures depicted on them. In 1905, the now iconic Cadbury's Dairy Milk was launched, which is now the company's flagship product. (http://www. blurtit. com/q4118850. html) 3. 0Mission and vision statement (http://www. studymode. com/essays/Cadbury-Schweppes-Versus-Coke-1151857. html) Company Background: Mission Statement:Our Core Purpose is: Working together to create brands people love. Vision Statement: Cadbury Schweppes is committed to growing responsibly. We believe responsible business comes from listening and learning, and having in place a clear CSR vision and strategy. It also comes from having the processes and systems to follow through and an embedded commitment to living our values. 4. 0Core Values Values: ? Clear Objectives ? Responsibilit y ? Openness and Integrity ? Quality ? Committed People ? Competitive Ability Simple Organisation ? Taking Advantage of Change These values are summarised in the behaviours they engender in our colleagues namely: ? Accountability ? Aggressiveness ? Adaptability 5. 0Logo 6. 0Colours The renowned name ‘Cadbury’ and symbolic purple are manifestation of high-quality sweetmeat according to mindset of the consumers. 7. 0Corporate communication based on type of stakeholders There are two types of -internal Employee engagement -external Website Brocures Promo 8. 0Recognition 9. 0Crisis

Thursday, August 29, 2019

Promoting language and literacy in early childhood Essay

Promoting language and literacy in early childhood - Essay Example Over the past fewer decades, however, the Hong Kong Government has taken a number of positive steps to ensure that early childhood programs provide a minimum level of acceptable quality of care and education. This paper focuses on the critical examination of the statement: â€Å"identification of the focus/ challenges of early language and/ or literacy learning in Hong Kong. Hence, thereby based on the focus or challenges that have been identified, a 5-day lesson plan in considerate to the language section only has been made that would highlight how addressing such issues would cover the learning needs of young learner(s). The importance behind writing this paper is its highlighting various issues that need to be considered while providing children with an educational environment which is conducive to bilingual development or literacy improvement in Honk Kong Kindergarten Education. The Hong Kong Special Region of China in Administration covers 1040 sq. kilometers. It has a population of more than 6.8 million. With the formation fo Sino- British Joint declaration. Described as one of the â€Å"barren island with hardly any house upon it† in the mid-1800s, by 1990s Hong Kong became the territory with the higher (GDP) in Asia. With a higher rate of population and greater GDP Hong Kong became one of the major senders of students abroad for their further studies. As one of the former British colony along with an international gateway to the Mainland of great China, Hong Kong aims to make itself as a bilateral (Chinese and English) along with a trilingual (Cantonese, English, and Putonghua) society. Although by seeing the statistics from 2006 by-census it shows that around 95% of the Hong Kong population is an ethnic Chinese(Hong Kong Government, 2006), both the Chinese and English are the ones official language. With the rapid development in the pre-school policy

Wednesday, August 28, 2019

The History of Suture Essay Example | Topics and Well Written Essays - 1000 words

The History of Suture - Essay Example After World War II (1939-1945), the greatest developments in wound suturing began with the introduction of advanced, partly automatic stapler machinery, as well as the manufacture of synthetic non-resorbable and resorbable fibres. These revolutionary techniques fuelled the development of new fields such as microsurgery (Kuijjer, 1998). Thesis Statement: The purpose of this paper is to investigate the history of suture including advances in suturing techniques and the evolution of suturing materials. The History of Suture The history of surgery is inextricably linked with the history of suturing, or stitching together two surfaces or edges. Allusion to sutures and the suturing of wounds in an ancient Egyptian scroll (circa 3,500 BC) is considered as the oldest existing surgical treatise. The term suture means to sew, which Hippocrates used in 400 BC. About 1000 years before Christ, the Indian medical book Charaka’s Samhita described many techniques of suturing including the clo sing of wounds by ant pincers in bowel surgery. Once the large black ants with powerful jaws clamped the edges of the wound together with their pincers, their bodies were twisted off (Snyder, 1976). In 600 BC the ancient Indian surgeon Sushruta’s medical treatise is a compilation of plastic surgery and opthalmology which mentions sutures made from animal sinews, braided horsehair, leather strips, cotton and fibers made from the bark of the ashniantaka tree. From 100 BC Egyptian mummies have shown evidence of sutured wounds. Further, in 100 BC, a learned Roman, Cornelius Celsus used the word suture both as a noun and as a verb: to suture; â€Å"he also named the skull sutures coronal, sagittal, and lambdoidal† (Snyder, 1976, p.401). By 30 AD, the Roman Celsus again described the use of sutures and clips, and in 150 AD, Galen used silk and catgut, and explained their use as sutures (Galli, 2011). Soon sutures were used to tie off tissues, through a process called ligatur e. In 165 AD, Galen who was physician to the Roman gladiators recommended their use for their wounds, to prevent paralysis. In 1555, Ambroise Pare, the French military surgeon changed his treatment of bleeding vessels caused by amputation, from hot irons and boiling oils to ligation. He also introduced the use of stitched linen adhesives to close saber wounds and to prevent scar formation. Also among the early advocates of suturing all fresh wounds as well as severed tendons and tissue was Andreas Vesalius, the greatest anatomist of the Renaissance (Snyder, 1976). The history of sutures which began more than 2000 years ago correlates with the first records of eyed needles. Before the end of the first millennium, Avicenna used monofilament with pig bristles in infected wounds. Surgical and suture techniques advanced significantly in the late 1800s, with the development of sterilization procedures. Subsequently, modern methods created uniformly sized sutures (Galli, 2011). The Evoluti on of Suturing Materials According to Mackenzie (1973), the term sutures includes those which hold a wound together until it has healed, as well as ligatures used to tie off a blood vessel such as an artery. Between 50,000 and 30,000 BC, eyed needles were invented and used for suturing. From

Tuesday, August 27, 2019

Infrastructure Application and Review Essay Example | Topics and Well Written Essays - 2500 words - 3

Infrastructure Application and Review - Essay Example Nevertheless, scientists and engineers continuously laboured to keep abreast of modern trends in highway administration and maintenance. As early as 1989, the maiden version of a digital road map database for land navigation has been completed. The database contains precise information on the road attributes all over Japan and may be used to strengthen highway management initiatives (Kamijo, Okumura and Kitamura, 1989, p. 319). It was, however, in 2003 when Japan introduced a road management mechanism in order to promote efficacy and transparency in road administration. The scheme is anchored on a system of measurements based on indices. Salient features of the road management system are performance plans, achievement reports and the Guidance for Road Administration Management (GRAM). A performance plan which delineates numerical targets, policies and projects are published yearly; while an achievement report which contains an assessment of the level of achievement of the numerical targets are also published at the end of each fiscal year. Meanwhile, to maximize the gains of the road administration management system as it is implemented in the countryside, the GRAM is prepared and disseminated. Figure 1 shows the typical flow of road administration management in Japan as practised by the Ministry of Land, Infrastructure and Transport (Road Bureau, 2008a). Over the years, the Japanese government and the concerned institutions struggled to encourage systematic management founded on existing circumstances and forecasts. Preventive maintenance is commonly implemented to extend the functionality of infrastructure like bridge systems. This approach is known to mitigate costs related to repair and rebuilding. To be able to capitalise on the benefits of preventive maintenance, Japanese road administrators also practiced competent defect identification and

Monday, August 26, 2019

Communications Assignment Example | Topics and Well Written Essays - 250 words - 1

Communications - Assignment Example 228). Friend shifts are alterations, or changes that occur when one decides to change their friends. Usually, this occurs when one of the friends, changes their perception about the friendship (Ivy, 2011, p. 216). Self-disclosure is the act of telling your friend about yourself, your hidden secrets that define your personality (Ivy, 2011, p. 199). Friendship intimacy is the close relation that two friends share in a friendship (Ivy, 2011, p.220). Jocular sparring refers to unique way that men between themselves and it usually go wrong when used with women (Ivy, 2011, p. 230). Male-male friendships and female-female friendships differ in the content of their conversation. Female friends talk more often and their conversations main topics center on intimate topics, sex differences, personal and family matters. Men friends always talk less than their female counterparts where their conversations center on sports. The principal dissimilarity between the two types of friendships is based on the sex-stereotypical assumptions, which tend to favor men and not women. Female-female friendships are always intimate unlike male-male friendships. This implies that female friends disclose their intimate selves. This creates more liking and a cohesive bond between them (Ivy, 2011, p. 220). Male friends rarely disclose their intimate self and friendships are not that intimate and therefore do not develop strong bonds (Ivy, 2011, p. 220-221). Female-female friendships are characterized by voluntary relations between the friends. Another major characteristic is the emphasis on conversational and emotional expressiveness. These friendships are also characterized by talks of family and personal matters (Ivy, 2011, p.

Sunday, August 25, 2019

Economic growth and convergence in poor countries Dissertation

Economic growth and convergence in poor countries - Dissertation Example d stimulation of the sales by means of advertising, personal sales, public relations and various material incentives addressed to consumers, agents and sellers; provision of price conditions, that include planning of the systems and price levels for provided goods, defining technology of price, credit, discount usage; satisfaction of technical and social norms of the region where the products are sold, which means the duty to provide appropriate security of product consumption and environment protection, accordance to moral norms, appropriate level of consumer value of the product; managing economic growth activity as a system, i.e. planning, carrying out and control of economic growth program and individual duties of each participant of production process; evaluation of the risks and profits, efficiency of economic growth decisions. The given paper will provide the analysis of the problems, which developing countries face on the way to economic growth and will prove that in order to stimulate economy, it is necessary to provide innovations in the field of marketing and management. Research analysis and limitations The research process should cover a number of stages. First and foremost, the detailed review of literature is performed, to identify the gaps in research and develop a clearer picture of contemporary management practices in the developing countries. The development of the research question was followed by the analysis of the available literature and potential research objects. Researched countries made the whole research relevant, efficient, and justified. The choice of Ukraine as an example was followed by the development of the research instrument and its analysis. The most important research findings include: The prevailing majority of developing... During the process of market-oriented reformatting a new model of economic development was shaped in many developing countries. It is characterized by high degree of economical openness towards foreign commerce. Many developing countries face the following problems:†¢Ã‚  Limited domestic demand, caused by total pauperization of the population and large-scale humiliation of pre-reforming savings. It leads to narrowness of domestic market, which produces a small volume of solvent demand, regardless of relatively big population. Under such circumstances export becomes a significant factor of economic growth, which is abnormal for economical security of the state, and affects the perspectives of the state influence on the processes of world economy. Market narrowness does not produce appropriate stimulus for investment in the state from domestic and foreign investors.†¢Ã‚  Unfavorable nature of investment climate, caused by incompleteness of the market-addresses institutional r eforms, high level of interference of state institutions and officials into economical activity, high rates of corruption, incompleteness of market infrastructure. It produces the narrowness of domestic market and detracts the capital flows from the country.For example, the crisis of Ukrainian economy was caused by insufficiently considered monetary policy of the government and influence of the structures that are interested in creation of economy of non-payment. Government is planning to remove these structures.

Saturday, August 24, 2019

ART Essay Example | Topics and Well Written Essays - 500 words - 13

ART - Essay Example The colorful background appears distant; a calm river is running through the background, attracting fowls thereof. The shadowed area under the tree contrasts with the soothing light in far wide open landscape; and the sunlight is blazing to highlight the tawny complexion and masculine contours of the Indian. Ground under the feet of hunter is filled with dried fallen leaves and fertile soil is mostly covered, thus giving a rough texture of the ground of a thick rainforest. This picture executes a coarse texture for trees, grasses and bushes, and the only well outlined object is the man; smooth lines carve his flesh with great details and visible parts of his body have a suave texture. This picture maintains effective organization of the subject matter (the Indian man) with the formal elements such as trees, river and the ground. This organization is achieved by similarity in color scheme of all objects present in the picture, but contrasting the background, from the man and the yellow tree through shades, spatial relation and texture. Just as the man is the center figure of the scenery; he is painted with details in form (such as prominent lines of his body, his apparel`s color and fashion) and he is also highlighted by his fierce skin tone enhanced by beaming sunlight. However the various shades of golden used in skin color, trees and rocks are giving an overall flamboyant demeanor, golden color use stands in union for most objects of the picture, except for blue sky and the river. The red and green rags on body of the Indian man are contrasting with whole picture`s color theme,

Friday, August 23, 2019

Presidential Power and Domestic Intelligence Essay

Presidential Power and Domestic Intelligence - Essay Example of 1978 was implemented to guide the people on how to request for a judicial authorization before an electronic surveillance or physical search on a person can be done (FAS, 2012). Based on the original F.I.S.A. guidelines, the local government should first request for a judicial authorization before conducting an electronic surveillance or a physical search on a suspected person. During the Bush administration, there was a conflicting legal issue with regards to the latest intelligence collection practices and the F.I.S.A. guidelines. To correct the gap between the legal issue on electronic surveillance and the actual practice of warrantless domestic wiretapping of phones, tracking of messages from the Internet, the president went out of his way to persuade the Congress to support the need to amend the origninal guidelnes on F.I.S.A. (PBS, 2007). Based on the conversation between Bill Moyers with Fritz Schwarz and Charles Fried, it is clear that Bush was actually manipulating the Congress so that the president can do whatever he decided to do. Even though something is not legal, Bush was using his authoritative power to control the people around the Congress without the knowledge of the local citizens. Regardless of whether or not Bush’s strategy to control terrorism has been effective in serving its purpose, I think that the Bush administration went too far in reforming the domestic intelligence

Thursday, August 22, 2019

PERFORMANCE ASSIGNMENT Essay Example | Topics and Well Written Essays - 1250 words

PERFORMANCE ASSIGNMENT - Essay Example Intel Company is a technological company that deals mainly with electronic appliances supplying to customers in different countries. Economically, the company contributes towards the country’s revenue through the sale of its products and also through the provision of the energy-saving and cost-saving products. This helps in improving the economy and also to improve the standards of living for the citizens. Socially, Intel Company is involved in various activities that are aimed at rewarding the customers and the community at large. Sustainability performance reporting refers to the evaluation of a company’s performance based on the economic, social and environmental factors that affect the business on its day to day operations. A report on sustainability of a company also provides the core values that govern its operations and also its corporate social responsibility. Sustainability performance reporting is a very crucial aspect in any organization due to the fact that it assists in change management with an aim of achieving a sustainable economy one that encompasses the profitability aspect with the ethical, social and environmental aspects. Financial performance reporting on the other hand, refers to the determination of various financial aspects: assets, liabilities and the equity capital. These factors are vital in financial reporting. When reporting the financial performance of a company various financial statements are considered, an income statement reports on the gains or losses made in a given year. A balance sheet also known as the statement of financial position shows the company’s assets and debts and it also shows the ability of the company to use its assets in settling its liabilities. Another financial statement is the statement of cash flows which report the company’s cash inflows and outflows. Sustainability and financial performance reporting are both useful in analyzing how

My Life Unleashed Essay Example for Free

My Life Unleashed Essay Life is all but a matter of constancy, with the altering seasons and the varying tides vigorously wavering the enduring days of the lives of men. The evolution of the life of being a student remains a noteworthy space in my thoughts as my memories as a child will always be learned by heart, if not by everybody else, at least by myself. Or so I think at least by myself, lest I fail to remember that I had the companionship of good friends along the way, by no means abandoning me in times when I need them most. To be there for them when they, too, need someone to be with is only a portion of what sum of good deeds I must or feel to give them in return. And this is what I liked by being a child, apart from everything else that contributed to my identity to who I am today. It is my friends—my real friends that make me strong. College has been tough on me. I had to weigh several options as to what field to take—those were the nights where I could barely sleep thinking if I am to make the right decision. It was my friends who helped me decide. The primary reason why I chose [insert course here] is because the course in itself is competitive in today’s world. The course, moreover, reflects the scholastic principles of providing a major benefit to students in the [insert field of study] by putting a premium emphasis on the recent trends and advancements in today’s world of global competitiveness. The course is also one that seeks to refine the skills and knowledge of the students through a competition in [insert field of study] among its students just to name one. Moreover, the course is well-handled by faculty members who are very much qualified and are very much capable of instilling the necessary knowledge to the students inasmuch as the faculty as a whole is composed of teachers with reputations well beyond what one might expect. I am a flexible person, a jack-of-all-trades if you may consider. I love joining competitions. I love being challenged though I know for a fact that in every contest there is always a winner and a loser. I am a sport. I rise when I fall. But to tell you, losing for me is a hard thing—hence, it was through these unfortunate experiences that I was able to know myself. Not only did my refined skills and attitude became useful to us during times of dilemmas and crucial moments of getting into a halt on my fulfilling my dreams, but these factors also became a part of what I was able to impart to my friends. In a way, I have inspired them to do the same thing, to acquire the enhancements in their positive characteristics, and to use their meaningful experiences to have full control of their abilities and gifts—to encourage them to move forward after a downfall. I am fortunate to have friends who I can lean on. Part of my career thinking and objectives is that, after obtaining my degree I will bring forth the knowledge and skills that I have acquired into the far more practical planes in the world of [insert field of study]. However, prior to achieving such an end, I will put my best efforts in refining my comprehension on the field that I have chosen to pursue and in expanding my thoughts that revolve around the [field of study] arena. Apart from all these, I also intend to employ the vital information that I will learn through the course to the society at large. That is, I intend to contribute to a deeper understanding not only to the course but also to the generation that we have today and the generations to come through my scholarly contributions. All of these experiences and aspirations that I have shared a great fraction in my life in the sense that these served as the factors upon which I was able to steward my gifts and talents, refining these two along the way as my level of experience proportionally increase day after day. With the daily encounters that come across my way, I am able to contemplate on my personality and realign myself with these meaningful experiences so that I become guided as to what decisions I ought to pursue in my life. Such an understanding is of great use and help, as it has been back in the days when I was just starting in the science and math club, and, as far as I see it, nothing is as potent and as equally practical than having a wide range of experiences upon which one can be able to base his or her crucial decisions in life. These meaningful experiences have taught me a lot in my existence in the society at large and in stewarding my abilities and gifts. The Essence of Values The daily life experiences that every individual in this world comes across with contribute to the development of the self (Achebe, 1994). These experiences do not only come in a single strand nor pattern. Quite on the contrary, what makes these experiences contributive to the welfare of humanity is because these encounters come in various forms and in differing content. A well-rounded personality, then, can be achieved, though strictly limited, to the variety in the experiences that individuals get to have in their lives (Miedaner, 2000). Determination and decisiveness I believe, craft a person to become successful in one’s ordeals. A person who is determined builds confidence within. Believing that a person can do anything and surpass everything is a guarantee towards success as fear is out of the picture. Most people have fear and fail because they are indecisive. Being able to know what you want is a good start of taking challenges. Life is full of choices—and to reach a goal is to decide which path to take (Friedman, 2005). As much as I strongly believe in the idea that experiences shape the personality of a person in many different ways, these experiences can serve as a meaningful chapter in our lives as much as they have been significant to on my part. As far as my memory would not fail me, I do attest to the idea that experiences teach the individual person about being a steward of the gifts and talents that the self possesses. By having the full knowledge that these experiences contribute in a large part in the molding of the ability of the individual in bringing forth a rather full control or, at least, a strong grasp on one’s abilities to his or her advantage, their meanings would be far clear enough. References Achebe, C. (1994). Things Fall Apart: Anchor. Berger, K. S. (2005). The Developing Person, Through Childhood and Adolescence (7th ed. ). New York: Worth. Friedman, T. L. (2005). The World Is Flat: A Brief History of the Twenty-first Century (1st ed. ). New York: Farrar, Straus and Giroux. Miedaner, T. (2000). Coach Yourself to Success : 101 Tips from a Personal Coach for Reaching Your Goals at Work and in Life (1 ed. ). London: McGraw-Hill.

Wednesday, August 21, 2019

Card Security For Republic Bank Customers

Card Security For Republic Bank Customers There is no doubt that most organisations today are becoming essentially dependant on the use of credit cards, arguably its most strategic asset, is to support existing business operations. However, credit card fraud and identity theft has continued to plague the banking and retail industries as there seems to be no feasible solution to these crimes. Advances in technology have opened a gateway for hackers to restructure their position of attack, intruding on ones personal life. The basis of this project is on the new Chip and PIN technology introduced on credit cards. Ive considered this to be an interesting topic because of the publicity this technology has been receiving across the world and it has even reached to our shores, here in Trinidad and Tobago. Hence, Republic Bank Limited one of the local banks would be the case studied in this research. Chapter two would encompass the existing literature on credit card history and Chip and PIN. This chapter would outline how credit cards have become smart cards and how the Chip and PIN cards are used. Chapter three gives the entire design of the project and the objectives to be obtained for the research. Moving to chapter four, the research framework adopted for this study on Chip and PIN and how it relates to the model undertaken in the research. The findings from this research would be summarized version of the data collected, with the analysis of the theory and research framework the author undertook in this study. In concluding, the author would report on the learning aspects of the research and provide an assessment of achievements, giving a position on the research question. Literature REVIEW This section is intended to place the scope of the project with literature surrounding the components of the research question. The Credit Card Transaction Process Discussed This payment mechanism was formally introduced in 1958, when the BankAmericard card, now known as Visa was franchised across the global community. By introducing an electronic authorization system, the BankAmericard was able to be used globally. Now by partnering with banks across the globe, Visa has been able to provide an international processing system for the exchange of money. The workings of a credit card transaction are such that it comprises of four main steps. These are: Authorization Batching Clearing Funding The cardholder requests a purchase from the merchant, which is then submitted to the acquirer by the merchant. The acquirer then sends a request to the issuer to authorize the transaction. Once the authorization code is sent to the acquirer verifying that credit is available, the transaction is authorized and the cardholder receives the product. (This is further explained in detail on page 9 of this document) This simple process of electronic transacting has opened up a world of e-commerce opportunities. From an information system perspective the processing workflow of an online credit card transaction is shown below: Figure 1: Online Credit Card Processing Workflow Diagram (Hubbard, 2003) Because of the vulnerabilities that lay in a transaction, more so the networks across which the information is exchanged, various security breaches can occur. Types of Credit Card Fraud There are many different types of credit card fraud. Fraudsters are very innovative in finding new ways of committing credit card crime and as technology changes so does their crime tactics. Security issues surrounding the card fraud has moved from the traditional ways of committing credit card crime (Application Fraud, Intercept Fraud and Lost/Stolen Card Fraud) to the modern techniques namely, Skimming, Site Cloning and most recently Triangulation. Skimming is the fastest growing type of credit card fraud around because of its simplicity. Pocket Skimming devices can be easily carried around and the cardholders data can be obtained by merely swiping the card through the battery-operated magnetic card reader. This technology has also evolved so as to read the data of Chip and PIN cards, with the use of a scanner. These scanners, which can write or even re-write the data on the Chip cards, are fully portable and have high storage capacities. Because some of these devices are not illegal, they are easily accessible to hackers and can be bought over the internet. Site Cloning involves cloning an entire site or just the pages where customers make purchases. Since the web pages are identical customers are not aware that their personal information is being compromised. Also, confirmation details are sent to the customer just as the official companys website would, so the crime goes undetected. The details entered on the cloned site are then used by the fraudster to commit credit card fraud. Another method of credit card fraud is Triangulation. Goods are presented on websites at discounted prices, which can be shipped to the customer before payment. Again, just as with site cloning, the site appears to be legitimate then the customer proceeds to enter their personal data. With this captured information the fraudster can then order goods from legitimate retail websites using the credit card number obtained. Due to these security issues surrounding credit card information security, there has been global industry-wide concern for the protection of cardholders data. Since security management is a systematic issue, a serious look at what can be done to prevent security breaches is necessary-whether it may be legislation, the use of fraud detection system monitors or the application of data encryption/ authentication techniques. Chip and PIN Technology Credit cards have been a feasible solution for making payment processing simple and efficient. The history of the credit card dates back to the 1900s when oil companies and proprietors created their own credit card as a means of obtaining customer loyalty and improving customer service. However, as with advances in technology, the credit cards have evolved from having just encoded magnetic stripes to modern day Chip and PIN cards, with embedded microchips, which can store and transmit data. These Chip and PIN cards were developed to provide an inter-operative system that would combat card fraud (counterfeit and plastic cards). This transaction processing infrastructure has enabled the cash-less revolution, whereby consumers, governments and businesses benefit from the electronic payment network, which has shifted payments by cash and cheques to an efficient electronic payment system. The mechanics of a credit card transaction is such that the merchant acquirer, usually the bank processes transactions on behalf of the merchant. This payment by credit card represents an offer for issuance of payment in exchange for the goods or services provided by the merchant, (Transaction Processing). There are two parts to this type of transaction processing: the first is front end processing which involves the capture of data messages across communication channels to the point of sale devices; and secondly the back end processing which involves the balancing of accounting information by acquirers and issuers and the submission of the payment to the acquiring merchants bank. As a result of the rapid advances in technology, data security continues to be a major concern as every transaction that involves the transmission data across networks is open to external attacks. Attacks on a consumers card information can come from any angle, whether it may be data thieves or network intruders. The Payment Card Industry Security Standards Council (PCI SSC), which comprises of major payment brands namely VISA, MasterCard, Discover and a few others, have created global compliance standards to protect cardholders data. These set of standards help govern and educate all merchants and organisations that process, store and transmit data, as well as the manufactures of the devices used in transaction processing. The PCI SSC (2010), Data Security Standard Quick Reference Guide, as summarized below, outlines the best practices for protecting cardholder data: Develop and Maintain a Secure Network Install and maintain firewall configuration to protect cardholders data. Do not use vendor-supplied defaults for system passwords or other security parameters. Protect cardholders data Protect stored data Encrypt transmission of cardholders data across open public networks Maintain a vulnerability management program Use and regularly update anti-virus software or programs Develop and maintain secure systems and applications Implement strong access control measures Restrict access to cardholder data by business need to know Assign a unique ID to persons with computer access Restrict physical access to cardholder data Regularly monitor and test networks Track and monitor all access to network resources and cardholder data Regularly test security systems and resources Maintain an information security policy Maintain a policy that address information security for all personnel Nevertheless, despite these procedures in place, there has been amplified instances of the various types of credit card fraud, namely Intercept Fraud, Skimming, Site Cloning as well as Triangulation. This propelled an industry and governmentà ¢Ã¢â€š ¬Ã¢â‚¬Å"led initiative in the UK to embark on the introduction of Chip and PIN card technology. Based on the EMV standard (Euro pay, MasterCard, Visa) Chip and PIN technology was launched in the UK on February 14th 2006. This programme was introduced to combat credit and debit card fraud, and to provide an ideal way of validating the cardholders identity. By utilizing smart card technology a microchip is embedded with the customers information which includes their unique four digit PIN. For transactions to be accepted, the customer PIN entered must match the one encoded on the microchip. These steps are further explained below: The card is inserted by the customer into the card reader. The card reader would then prompt the user to insert their PIN. A four-digit PIN is then entered by the customer. Once the reader accepts the PIN entered the transaction would be approved. Note the PIN entered is not displayed on the reader but rather represented by asterisks. The customer is issued a receipt as confirmation of the transaction process. This process removes the responsibility and accountability from the merchant to the customer for point of sale transactions. The card never leaves the customers hand and as such prevents skimming of ones card information. One of the benefits of the Chip and PIN cards is that the Chip itself is encrypted with a range of security features, which the transaction processing system uses to identify the cardholder. These security features are said to be virtually impossible to replicate. The terminals used for Chip and PIN transactions, use secure transmission technology to ensure the privacy of the cardholders data and can operate over a range of connectivity environments, such as wired, wireless and cellular networks. The PCI Security Standards Council also developed a framework of standards which is legally enforced through a merchant/service provider/card brand agreement. These include requirements that support the encryption of the cardholders account data and the point of sale terminal integration. Figure 2: Outline of the process of a Chip and PIN transaction The PIN entered replaces the request for signature as verification of the transaction. This is why the banking industry in the UK has campaigned for this technology, because signatures can be forged, however the PIN is unique to that person. Although the United States is yet to convert to this technology, countries such as Japan, China, Canada, Mexico as well as the majority of the European Countries have all introduced Chip and PIN technology and it is gaining momentum in various other countries including Trinidad and Tobago. Republic Bank Trinidad and Tobago Limited is the first local bank in Trinidad and Tobago to introduce Chip and PIN technology to make the concept of paying by credit card safer for cardholders. The bank adopted this type of technology because this is now an industry-wide conversion from the magnetic-stripe cards and it is also in keeping with the EMV standard. Conversely, a potential security issue with Chip and PIN card terminals is its capability of processing cards with the magnetic stripe as well. Because of this the request to enter the customers PIN can be bypassed by the merchant, with a receipt generated to be signed by the customer. Now because this option is still available it poses an added security threat to card transactions. So, unfortunately skimming still remains a huge problem for cardholders and sadly enough this includes Chip and PIN cardholders as well. Although this practice is slowly migrating from EMV compliant countries, once a card has been skimmed it can still be used in countries where the magnetic stripe is still prevalent, for example some Asian Countries and the United States. This is why many fraudsters can still create a fake card with stolen magnetic stripe information which can be used in for example the United States. The United States believes that although Chip and PIN has reduced fraud for face to face card transactions, there are a still a number of issues surrounding the security of the system used for this these transactions. Now as with any new system introduced, there have been a number of studies on whether Chip and PIN cards are really secure. So the question is has Chip and PIN technology impacted on the activities of overall card fraud or has the activities of fraudsters shifted from retail crime. In a study by Emily Finch (2010) The Impact of Chip and Pin Technology and The Activities of Fraudsters, it was recognised that since the implementation of Chip and PIN technology participants involved in card fraud made varying decisions when it came to their crime of choice. The Decision to Desist The Decision to Continue To work with others Shift to Distance Transactions Diversification of Theft into Identity The study also shows that there is a shift in the attack strategy of fraudsters from point of sale card fraud to Internet and Card Identity Fraud. In an analysis of Internet and Card Identity Fraud, we can note that Chip and PIN technology was not designed for preventing these types of card fraud. So, the question remains, was Chip and PIN successful at what it was set out to achievereduce card fraud? This too can be argued further as there are other limitations. How can one link a particular card to a specific owner? Once the PIN is known by the individual a transaction can be completed with ease. Other studies have shown that the card readers used for Chip and PIN transactions can be modified. In a study by a team of University of Cambridge Computer Scientists, they have uncovered a series of fatal flaws in the Chip and PIN system. One example is where the internal hardware can be replaced without external evidence of this. This new terminal could then be programmed and modified so that it performs just as a typical terminal, where the card details can be collected and allow criminals to make cards with a fake magnetic stripe, which along with the PIN would enable a fraudster to make valid purchases. Another example is that fraudsters can insert an electronic wedge between the stolen card and the terminal, which tricks the terminal into believing that the PIN was correctly verified. Further, with this wedge inserted, any PIN can be entered and the transaction would be verified. This type of fraud makes it difficult for the victims of the attack to be refunded by the bank as the receipt given is authentic and would state verified by PIN. The bank in turn would be accurate in stating that no refund is required as their records show verified by PIN. This type of complaint appears as an act of negligence by the cardholder as he/she allowed their PIN to be compromised. So based on this study the point of sale attacks are much more prevalent, since before the introduction of Chip and PIN cards, consumers only entered their PIN at ATMs. Now with the introduction of Chip and PIN, consumers are using their cards at various other public areas. To combat the compromising of the consumers PIN a shield over the keypad has been used as added security but in many public areas there are video cameras and a persons PIN can still be captured on footage. So, although the UK banking industry has claimed to have rolled out this new technology successfully in 2006, there seems to be some negative aspects of this technology. The architecture surrounding Chip and PIN technology is questionable and the onus is on the banking industry to ensure that cardholders information is protected. Additionally, it also seems that Chip and PIN terminals offer no difference to what the magnetic stripe terminals offered. These terminals can be tampered with, which is a clear indication that there needs to be accurate configuration of these terminals so as to secure the cardholders data when transmitting transactions and that is not vulnerable to incident of attack. So the intent of Chip and PIN technology has more so opened a new marketplace for fraudsters than prevent/reduce fraudulent activity. PROJECT DESIGN, OBJECTIVES AND RESEARCH METHODS The scope of this project is to outline the features of Chip and PIN technology and whether its implementation thus far has been beneficial. This section of the project would provide the methods involved in achieving the data for the project as well as the results based on the data collected. The chosen approach to this design is online research (journals/scholarly articles) along with a case study on the implementation of Chip and PIN technology in Trinidad and Tobago, with the case being Republic Bank Limited. Objective 1 A good foundation for this objective would be the interpretation of the credit cards history. How has this cash-less mechanism moved from a local innovation to a global payment mechanism by use of digital communication across networks? In gaining a clear understanding on the reason for the implementation of this technology, a wealth of research would be conducted on credit card technology and digital security. Objective 2 A holistic understanding on the basis of credit card fraud and the types of fraudulent activities and the steps taken to prevent credit card crime. What technologies have been implemented and the effects/benefits drawn from these approaches. Objective 3 Expanding from objective two also discussed would be whether or not since the introduction of Chip and PIN technology in the UK, has there been a cascading effect of this new technology across countries. Analysing the increasing number of fraudulent activities reported from statistics, which compelled the global banking industry to find a seamless solution for the protection of cardholders data. Objective 4 An assessment on the introduction of Chip and PIN technology by Republic Bank Limited, which would include sourcing information on its implementation and the benefits derived. Further research would be on the acceptance (or non-acceptance) of the technology by customers. Objective 5 Lastly, from the feedback received from the interview conducted and by analysing the incidents of attack on Republic Bank credit cardholders, what was the determining factor in the bank aligning themselves with the UK standards set by EMV? CONCEPTUAL FRAMEWORK In identifying the framework to be adopted that can be referenced to the literature in this research, the author considered the Delone and Mc Lean IS Success Model. Using this model, the author would explain the net benefits of adopting Chip and PIN technology, relating it to Republic Banks implementation of this technology. DeLeone and McLean IS Success Model In evaluating the success of Information Systems, the DM IS Success Model, systems quality measures the technical success, information quality measures semantic success and organisational impacts and user satisfaction measures the effectiveness of the system. The processes in the model are inter-connected by links, across the dimensions of the system. Figure 3: Depiction of the Updated Information Systems Success Model (DeLeone McLean 2002, 2003) The updated DM Model interprets the evaluation of a system in terms of the information, system, and service qualities and how these characteristics attribute to user satisfaction. As a result of using the system, certain benefits will be achieved and the net benefits will in turn (positively or negatively) influence user satisfaction and the further use of the information system. So, therefore three basic components make up this model, the creation of a system, its use and the consequences of its use. Case study as it relates to the ISS model. Republic Bank has been providing banking and financial solutions to individuals and businesses for over 160 years. Their mission is not only to provide efficient and competitively priced services but also to implement sound policies which will be beneficial to their customers. These factors presented provide clarity and influences the net benefits of the implemented Chip and PIN system at Republic Bank thus far. By use of the ISS model to map the research done in this project, the author would complete a step by step relay of the framework discussing the implementation of Chip and PIN by Republic Bank. Information Quality-Information quality refers to the accuracy/protection of the content of the data in transacting. How secure is the personalized data being transmitted across networks. When a customer presents their card to make a purchase, are they confident that their card information is protected because of the added security enabled on this card. System Quality-The system quality refers to the reliability of the network and the response time in transacting, notwithstanding the approved devices that accept personal identification numbers for all PIN based entries (the ease of use of the system functionalities). Therefore in rolling out this new technology the bank along with their partner merchants would train staff so that they are familiar with the best practice guidelines when using Chip and PIN. Service Quality-This refers to the back-end support systems that assist in usage of the technology. How reliable are Republic Banks servers and IP networks? User Satisfaction- This encompasses measuring the users entire experience-the purchase payment, receipt and service (the ease of purchasing without the fear of being a victim of fraudulent activity). Net Benefits -This is the most important success measure and it encapsulates the cost savings and the decrease in the value of fraudulent transactions arising from stolen credit card data. Was the implementation of this technology beneficial in reducing the incidents of card fraud? Are Republic Bank cardholders satisfied that their bank is on par with global industry changes? The focus of this success model lies in determining the impact the features of technology (information, system, and service quality) have on the variables user satisfaction, use, and net benefits. The main objective for using this ISS model is to establish the ultimate benefits derived from the use of information system both in individual and organizational terms. FINDINGS This chapter will illustrate the findings from the questionnaires submitted to a sample of the Republic Banks credit card customers as well as a formal interview conducted with an employee of Republic Bank Credit Card Centre. The aim of the chapter is to source an awareness of the topic area Chip and PIN by cardholders and the personnel interviewed. Primary Data Collection For the basis of the findings of this research the author conducted a formal interview with a middle management employee at Republic Bank and also distributed questionnaires to a sample of the banks credit card customers. A summarized version of the responses from the interview is represented in this chapter, based on the interviewees knowledge. The questionnaires distributed were mostly closed questions so as to deliberately avoid open-ended respondent answers. Approximately 120 questionnaires were distributed to Republic Bank Customers. Only the answers to the key questions are represented in this chapter. Summarized responses from the interview This interview was conducted with the Supervisor, Card Services, which prove to be very insightful. The Supervisor spoke about the banks vision for their credit card market, and how they plan to continuously innovate so as to maintain their customer base and attract new profitable customers. Since the credit card industry is a highly competitive one, the bank is constantly reviewing their interest rates and looking for new ways to give customer returns from the use of their credit card. Due to his long tenure at the bank and having the customer service background, the supervisor was able to give insight on what infuriates a credit card customer. He explained that customers become frustrated when they see added charges and puffed up late fees placed by the bank on their card statements. In view of the fact that most customers do not read the fine print when completing a credit card application, they are not totally aware of all the charges that can arise from delinquent payments. He f urther added that although queries like this can be explained by representatives at the bank who can provide valued solutions to the cardholders problem, the most infuriating of all queries from customers are unexplainable purchases on their account. At Republic Bank, fraudulent activity on a card can be detected from the use of their state-of-the-art security systems and their experienced fraud expert team that are in place to monitor and detect any unusual activity on a customers credit cards, but even with these measures in place, fraud can occur. The supervisor expressed that by implementing Chip and PIN technology for credit cards, the bank was able to be a step ahead of the competition and most importantly the card criminals. He also stated that although credit card fraud is not as prevalent in Trinidad and Tobago as in the developed countries, continuous education in counteracting fraudulent activities for their customer base is an effective method of addressing credit card fraud. He explained that Republic Bank has not had many eye-opening occurrences of notified credit card fraud but they believe that Chip and PIN technology is an innovative solution to the likelihood of this problem. He was also truthful in expressing that this technology is still new to the industry and all merchants have yet to convert to Chip and PIN enabled machines, therefore there is a window of opportunity for fraud until merchants are mandated to have these Chip and PIN enabled machines. He used the term mandate, because eventually all Republic Bank debit cards would also be chip enabled. In summing up the interview the author probed the supervisor on the banks position on the studies done by the University of Cambridge team on Chip and PIN technology and the tested flaws of the system. His response was quite interesting, because it ventured into a thought-provoking discussion on research. He lamented that the sphere of research done on any topic would result in the researcher seeking out the positive and negative aspects of it. How the data is interpreted, reflects the real value of the research done. Questionnaire Findings Question 5: How often and where do you frequently use your credit card to make purchases? Aim: To assess how often the average Republic Bank cardholder uses their credit card. Findings: Most Republic Cardholders in this study used their credit card regularly, at least five times per month. Credit Cards are used for purchases at the supermarket, restaurant and retail clothing stores. Question 6: Has your credit card information ever been compromised? If yes provide details. Aim: To determine the number of incidents of attack on Republic Bank credit card holders. Findings: Less than 50% of the respondents have never had their credit card data compromised. Question 7: Do you understand the workings of Chip and PIN technology introduced to Republic Bank credit cardholders and the value to be derived from using this technology? Aim: To determine the extent of the customers perception of this technologys value and how the card is used. Findings: Although some customers are guarded about the use of their credit cards, most of the respondents are confident in the service that Republic Bank provides and believes that implementing Chip and PIN gives them that added security against fraudulent activities, especially those customers that frequently travel abroad. Question 8: How do you think by using Chip and PIN cards for making payments will make it easier in transacting? Aim: To establish the efficiencies in the use of Chip and PIN cards, on the time taken to complete a transaction. Findings: Many customers applaud this technology as it reduces the time taken at the cash register when making purchases. It is simple, easy and convenient and most customers are truly happy as there is no need to write their signature. For this reason they find the system most efficient as it prevents their signature from the likelihood of being forged. ANALYSIS The main objective for the research completed on this topic, was to show how and to what extent the adoption of Chip and PIN technology has improved credit card security for Republic Bank cardholders. At a glance, before Chip and PIN technology was introduced in the UK, there was nation-wide educational literature on the benefits of the technology for banks, merchants and most importantly, the customers. However, it seems that this programme led by EMV, created more enthusiasm in the build-up to its implementation rather than the actual usage of the system. From the research, the mounting negative features of the technology and use of the system is outweighed the decreasing positive ones. It seems that the card theft criminals were focused on a solution to obstruct the successful use of the technology before the intention to use. The question remains, which facet of credit card fraud has Chip and PIN really reduced? The research show that for point of sale transactions Chip and PIN has been useful in the prevention of skimming ones card information, however the fraudsters have found alternative ways to improve on that tactic. Chip and PIN technology can only be used à ¢Ã¢â€š ¬Ã…“successfullyà ¢Ã¢â€š ¬? for point of sale transactions and not online transactions, so fraudsters have modified their techniques as with the modifications of the technology. Based on the research framework adopted, Republic Bank has measured their net benefits of adopting the Chip and PIN technology by encircling the information, service and system qualities to deliver user satisfaction and usage of the system with this technology. The success of any information system is multi-dimensional and the relationships among the constructs relate to the comprehensive evaluation of the system. The variable dependent on these constructs are the net benefits of this system, and for whom? This local company has app Card Security For Republic Bank Customers Card Security For Republic Bank Customers There is no doubt that most organisations today are becoming essentially dependant on the use of credit cards, arguably its most strategic asset, is to support existing business operations. However, credit card fraud and identity theft has continued to plague the banking and retail industries as there seems to be no feasible solution to these crimes. Advances in technology have opened a gateway for hackers to restructure their position of attack, intruding on ones personal life. The basis of this project is on the new Chip and PIN technology introduced on credit cards. Ive considered this to be an interesting topic because of the publicity this technology has been receiving across the world and it has even reached to our shores, here in Trinidad and Tobago. Hence, Republic Bank Limited one of the local banks would be the case studied in this research. Chapter two would encompass the existing literature on credit card history and Chip and PIN. This chapter would outline how credit cards have become smart cards and how the Chip and PIN cards are used. Chapter three gives the entire design of the project and the objectives to be obtained for the research. Moving to chapter four, the research framework adopted for this study on Chip and PIN and how it relates to the model undertaken in the research. The findings from this research would be summarized version of the data collected, with the analysis of the theory and research framework the author undertook in this study. In concluding, the author would report on the learning aspects of the research and provide an assessment of achievements, giving a position on the research question. Literature REVIEW This section is intended to place the scope of the project with literature surrounding the components of the research question. The Credit Card Transaction Process Discussed This payment mechanism was formally introduced in 1958, when the BankAmericard card, now known as Visa was franchised across the global community. By introducing an electronic authorization system, the BankAmericard was able to be used globally. Now by partnering with banks across the globe, Visa has been able to provide an international processing system for the exchange of money. The workings of a credit card transaction are such that it comprises of four main steps. These are: Authorization Batching Clearing Funding The cardholder requests a purchase from the merchant, which is then submitted to the acquirer by the merchant. The acquirer then sends a request to the issuer to authorize the transaction. Once the authorization code is sent to the acquirer verifying that credit is available, the transaction is authorized and the cardholder receives the product. (This is further explained in detail on page 9 of this document) This simple process of electronic transacting has opened up a world of e-commerce opportunities. From an information system perspective the processing workflow of an online credit card transaction is shown below: Figure 1: Online Credit Card Processing Workflow Diagram (Hubbard, 2003) Because of the vulnerabilities that lay in a transaction, more so the networks across which the information is exchanged, various security breaches can occur. Types of Credit Card Fraud There are many different types of credit card fraud. Fraudsters are very innovative in finding new ways of committing credit card crime and as technology changes so does their crime tactics. Security issues surrounding the card fraud has moved from the traditional ways of committing credit card crime (Application Fraud, Intercept Fraud and Lost/Stolen Card Fraud) to the modern techniques namely, Skimming, Site Cloning and most recently Triangulation. Skimming is the fastest growing type of credit card fraud around because of its simplicity. Pocket Skimming devices can be easily carried around and the cardholders data can be obtained by merely swiping the card through the battery-operated magnetic card reader. This technology has also evolved so as to read the data of Chip and PIN cards, with the use of a scanner. These scanners, which can write or even re-write the data on the Chip cards, are fully portable and have high storage capacities. Because some of these devices are not illegal, they are easily accessible to hackers and can be bought over the internet. Site Cloning involves cloning an entire site or just the pages where customers make purchases. Since the web pages are identical customers are not aware that their personal information is being compromised. Also, confirmation details are sent to the customer just as the official companys website would, so the crime goes undetected. The details entered on the cloned site are then used by the fraudster to commit credit card fraud. Another method of credit card fraud is Triangulation. Goods are presented on websites at discounted prices, which can be shipped to the customer before payment. Again, just as with site cloning, the site appears to be legitimate then the customer proceeds to enter their personal data. With this captured information the fraudster can then order goods from legitimate retail websites using the credit card number obtained. Due to these security issues surrounding credit card information security, there has been global industry-wide concern for the protection of cardholders data. Since security management is a systematic issue, a serious look at what can be done to prevent security breaches is necessary-whether it may be legislation, the use of fraud detection system monitors or the application of data encryption/ authentication techniques. Chip and PIN Technology Credit cards have been a feasible solution for making payment processing simple and efficient. The history of the credit card dates back to the 1900s when oil companies and proprietors created their own credit card as a means of obtaining customer loyalty and improving customer service. However, as with advances in technology, the credit cards have evolved from having just encoded magnetic stripes to modern day Chip and PIN cards, with embedded microchips, which can store and transmit data. These Chip and PIN cards were developed to provide an inter-operative system that would combat card fraud (counterfeit and plastic cards). This transaction processing infrastructure has enabled the cash-less revolution, whereby consumers, governments and businesses benefit from the electronic payment network, which has shifted payments by cash and cheques to an efficient electronic payment system. The mechanics of a credit card transaction is such that the merchant acquirer, usually the bank processes transactions on behalf of the merchant. This payment by credit card represents an offer for issuance of payment in exchange for the goods or services provided by the merchant, (Transaction Processing). There are two parts to this type of transaction processing: the first is front end processing which involves the capture of data messages across communication channels to the point of sale devices; and secondly the back end processing which involves the balancing of accounting information by acquirers and issuers and the submission of the payment to the acquiring merchants bank. As a result of the rapid advances in technology, data security continues to be a major concern as every transaction that involves the transmission data across networks is open to external attacks. Attacks on a consumers card information can come from any angle, whether it may be data thieves or network intruders. The Payment Card Industry Security Standards Council (PCI SSC), which comprises of major payment brands namely VISA, MasterCard, Discover and a few others, have created global compliance standards to protect cardholders data. These set of standards help govern and educate all merchants and organisations that process, store and transmit data, as well as the manufactures of the devices used in transaction processing. The PCI SSC (2010), Data Security Standard Quick Reference Guide, as summarized below, outlines the best practices for protecting cardholder data: Develop and Maintain a Secure Network Install and maintain firewall configuration to protect cardholders data. Do not use vendor-supplied defaults for system passwords or other security parameters. Protect cardholders data Protect stored data Encrypt transmission of cardholders data across open public networks Maintain a vulnerability management program Use and regularly update anti-virus software or programs Develop and maintain secure systems and applications Implement strong access control measures Restrict access to cardholder data by business need to know Assign a unique ID to persons with computer access Restrict physical access to cardholder data Regularly monitor and test networks Track and monitor all access to network resources and cardholder data Regularly test security systems and resources Maintain an information security policy Maintain a policy that address information security for all personnel Nevertheless, despite these procedures in place, there has been amplified instances of the various types of credit card fraud, namely Intercept Fraud, Skimming, Site Cloning as well as Triangulation. This propelled an industry and governmentà ¢Ã¢â€š ¬Ã¢â‚¬Å"led initiative in the UK to embark on the introduction of Chip and PIN card technology. Based on the EMV standard (Euro pay, MasterCard, Visa) Chip and PIN technology was launched in the UK on February 14th 2006. This programme was introduced to combat credit and debit card fraud, and to provide an ideal way of validating the cardholders identity. By utilizing smart card technology a microchip is embedded with the customers information which includes their unique four digit PIN. For transactions to be accepted, the customer PIN entered must match the one encoded on the microchip. These steps are further explained below: The card is inserted by the customer into the card reader. The card reader would then prompt the user to insert their PIN. A four-digit PIN is then entered by the customer. Once the reader accepts the PIN entered the transaction would be approved. Note the PIN entered is not displayed on the reader but rather represented by asterisks. The customer is issued a receipt as confirmation of the transaction process. This process removes the responsibility and accountability from the merchant to the customer for point of sale transactions. The card never leaves the customers hand and as such prevents skimming of ones card information. One of the benefits of the Chip and PIN cards is that the Chip itself is encrypted with a range of security features, which the transaction processing system uses to identify the cardholder. These security features are said to be virtually impossible to replicate. The terminals used for Chip and PIN transactions, use secure transmission technology to ensure the privacy of the cardholders data and can operate over a range of connectivity environments, such as wired, wireless and cellular networks. The PCI Security Standards Council also developed a framework of standards which is legally enforced through a merchant/service provider/card brand agreement. These include requirements that support the encryption of the cardholders account data and the point of sale terminal integration. Figure 2: Outline of the process of a Chip and PIN transaction The PIN entered replaces the request for signature as verification of the transaction. This is why the banking industry in the UK has campaigned for this technology, because signatures can be forged, however the PIN is unique to that person. Although the United States is yet to convert to this technology, countries such as Japan, China, Canada, Mexico as well as the majority of the European Countries have all introduced Chip and PIN technology and it is gaining momentum in various other countries including Trinidad and Tobago. Republic Bank Trinidad and Tobago Limited is the first local bank in Trinidad and Tobago to introduce Chip and PIN technology to make the concept of paying by credit card safer for cardholders. The bank adopted this type of technology because this is now an industry-wide conversion from the magnetic-stripe cards and it is also in keeping with the EMV standard. Conversely, a potential security issue with Chip and PIN card terminals is its capability of processing cards with the magnetic stripe as well. Because of this the request to enter the customers PIN can be bypassed by the merchant, with a receipt generated to be signed by the customer. Now because this option is still available it poses an added security threat to card transactions. So, unfortunately skimming still remains a huge problem for cardholders and sadly enough this includes Chip and PIN cardholders as well. Although this practice is slowly migrating from EMV compliant countries, once a card has been skimmed it can still be used in countries where the magnetic stripe is still prevalent, for example some Asian Countries and the United States. This is why many fraudsters can still create a fake card with stolen magnetic stripe information which can be used in for example the United States. The United States believes that although Chip and PIN has reduced fraud for face to face card transactions, there are a still a number of issues surrounding the security of the system used for this these transactions. Now as with any new system introduced, there have been a number of studies on whether Chip and PIN cards are really secure. So the question is has Chip and PIN technology impacted on the activities of overall card fraud or has the activities of fraudsters shifted from retail crime. In a study by Emily Finch (2010) The Impact of Chip and Pin Technology and The Activities of Fraudsters, it was recognised that since the implementation of Chip and PIN technology participants involved in card fraud made varying decisions when it came to their crime of choice. The Decision to Desist The Decision to Continue To work with others Shift to Distance Transactions Diversification of Theft into Identity The study also shows that there is a shift in the attack strategy of fraudsters from point of sale card fraud to Internet and Card Identity Fraud. In an analysis of Internet and Card Identity Fraud, we can note that Chip and PIN technology was not designed for preventing these types of card fraud. So, the question remains, was Chip and PIN successful at what it was set out to achievereduce card fraud? This too can be argued further as there are other limitations. How can one link a particular card to a specific owner? Once the PIN is known by the individual a transaction can be completed with ease. Other studies have shown that the card readers used for Chip and PIN transactions can be modified. In a study by a team of University of Cambridge Computer Scientists, they have uncovered a series of fatal flaws in the Chip and PIN system. One example is where the internal hardware can be replaced without external evidence of this. This new terminal could then be programmed and modified so that it performs just as a typical terminal, where the card details can be collected and allow criminals to make cards with a fake magnetic stripe, which along with the PIN would enable a fraudster to make valid purchases. Another example is that fraudsters can insert an electronic wedge between the stolen card and the terminal, which tricks the terminal into believing that the PIN was correctly verified. Further, with this wedge inserted, any PIN can be entered and the transaction would be verified. This type of fraud makes it difficult for the victims of the attack to be refunded by the bank as the receipt given is authentic and would state verified by PIN. The bank in turn would be accurate in stating that no refund is required as their records show verified by PIN. This type of complaint appears as an act of negligence by the cardholder as he/she allowed their PIN to be compromised. So based on this study the point of sale attacks are much more prevalent, since before the introduction of Chip and PIN cards, consumers only entered their PIN at ATMs. Now with the introduction of Chip and PIN, consumers are using their cards at various other public areas. To combat the compromising of the consumers PIN a shield over the keypad has been used as added security but in many public areas there are video cameras and a persons PIN can still be captured on footage. So, although the UK banking industry has claimed to have rolled out this new technology successfully in 2006, there seems to be some negative aspects of this technology. The architecture surrounding Chip and PIN technology is questionable and the onus is on the banking industry to ensure that cardholders information is protected. Additionally, it also seems that Chip and PIN terminals offer no difference to what the magnetic stripe terminals offered. These terminals can be tampered with, which is a clear indication that there needs to be accurate configuration of these terminals so as to secure the cardholders data when transmitting transactions and that is not vulnerable to incident of attack. So the intent of Chip and PIN technology has more so opened a new marketplace for fraudsters than prevent/reduce fraudulent activity. PROJECT DESIGN, OBJECTIVES AND RESEARCH METHODS The scope of this project is to outline the features of Chip and PIN technology and whether its implementation thus far has been beneficial. This section of the project would provide the methods involved in achieving the data for the project as well as the results based on the data collected. The chosen approach to this design is online research (journals/scholarly articles) along with a case study on the implementation of Chip and PIN technology in Trinidad and Tobago, with the case being Republic Bank Limited. Objective 1 A good foundation for this objective would be the interpretation of the credit cards history. How has this cash-less mechanism moved from a local innovation to a global payment mechanism by use of digital communication across networks? In gaining a clear understanding on the reason for the implementation of this technology, a wealth of research would be conducted on credit card technology and digital security. Objective 2 A holistic understanding on the basis of credit card fraud and the types of fraudulent activities and the steps taken to prevent credit card crime. What technologies have been implemented and the effects/benefits drawn from these approaches. Objective 3 Expanding from objective two also discussed would be whether or not since the introduction of Chip and PIN technology in the UK, has there been a cascading effect of this new technology across countries. Analysing the increasing number of fraudulent activities reported from statistics, which compelled the global banking industry to find a seamless solution for the protection of cardholders data. Objective 4 An assessment on the introduction of Chip and PIN technology by Republic Bank Limited, which would include sourcing information on its implementation and the benefits derived. Further research would be on the acceptance (or non-acceptance) of the technology by customers. Objective 5 Lastly, from the feedback received from the interview conducted and by analysing the incidents of attack on Republic Bank credit cardholders, what was the determining factor in the bank aligning themselves with the UK standards set by EMV? CONCEPTUAL FRAMEWORK In identifying the framework to be adopted that can be referenced to the literature in this research, the author considered the Delone and Mc Lean IS Success Model. Using this model, the author would explain the net benefits of adopting Chip and PIN technology, relating it to Republic Banks implementation of this technology. DeLeone and McLean IS Success Model In evaluating the success of Information Systems, the DM IS Success Model, systems quality measures the technical success, information quality measures semantic success and organisational impacts and user satisfaction measures the effectiveness of the system. The processes in the model are inter-connected by links, across the dimensions of the system. Figure 3: Depiction of the Updated Information Systems Success Model (DeLeone McLean 2002, 2003) The updated DM Model interprets the evaluation of a system in terms of the information, system, and service qualities and how these characteristics attribute to user satisfaction. As a result of using the system, certain benefits will be achieved and the net benefits will in turn (positively or negatively) influence user satisfaction and the further use of the information system. So, therefore three basic components make up this model, the creation of a system, its use and the consequences of its use. Case study as it relates to the ISS model. Republic Bank has been providing banking and financial solutions to individuals and businesses for over 160 years. Their mission is not only to provide efficient and competitively priced services but also to implement sound policies which will be beneficial to their customers. These factors presented provide clarity and influences the net benefits of the implemented Chip and PIN system at Republic Bank thus far. By use of the ISS model to map the research done in this project, the author would complete a step by step relay of the framework discussing the implementation of Chip and PIN by Republic Bank. Information Quality-Information quality refers to the accuracy/protection of the content of the data in transacting. How secure is the personalized data being transmitted across networks. When a customer presents their card to make a purchase, are they confident that their card information is protected because of the added security enabled on this card. System Quality-The system quality refers to the reliability of the network and the response time in transacting, notwithstanding the approved devices that accept personal identification numbers for all PIN based entries (the ease of use of the system functionalities). Therefore in rolling out this new technology the bank along with their partner merchants would train staff so that they are familiar with the best practice guidelines when using Chip and PIN. Service Quality-This refers to the back-end support systems that assist in usage of the technology. How reliable are Republic Banks servers and IP networks? User Satisfaction- This encompasses measuring the users entire experience-the purchase payment, receipt and service (the ease of purchasing without the fear of being a victim of fraudulent activity). Net Benefits -This is the most important success measure and it encapsulates the cost savings and the decrease in the value of fraudulent transactions arising from stolen credit card data. Was the implementation of this technology beneficial in reducing the incidents of card fraud? Are Republic Bank cardholders satisfied that their bank is on par with global industry changes? The focus of this success model lies in determining the impact the features of technology (information, system, and service quality) have on the variables user satisfaction, use, and net benefits. The main objective for using this ISS model is to establish the ultimate benefits derived from the use of information system both in individual and organizational terms. FINDINGS This chapter will illustrate the findings from the questionnaires submitted to a sample of the Republic Banks credit card customers as well as a formal interview conducted with an employee of Republic Bank Credit Card Centre. The aim of the chapter is to source an awareness of the topic area Chip and PIN by cardholders and the personnel interviewed. Primary Data Collection For the basis of the findings of this research the author conducted a formal interview with a middle management employee at Republic Bank and also distributed questionnaires to a sample of the banks credit card customers. A summarized version of the responses from the interview is represented in this chapter, based on the interviewees knowledge. The questionnaires distributed were mostly closed questions so as to deliberately avoid open-ended respondent answers. Approximately 120 questionnaires were distributed to Republic Bank Customers. Only the answers to the key questions are represented in this chapter. Summarized responses from the interview This interview was conducted with the Supervisor, Card Services, which prove to be very insightful. The Supervisor spoke about the banks vision for their credit card market, and how they plan to continuously innovate so as to maintain their customer base and attract new profitable customers. Since the credit card industry is a highly competitive one, the bank is constantly reviewing their interest rates and looking for new ways to give customer returns from the use of their credit card. Due to his long tenure at the bank and having the customer service background, the supervisor was able to give insight on what infuriates a credit card customer. He explained that customers become frustrated when they see added charges and puffed up late fees placed by the bank on their card statements. In view of the fact that most customers do not read the fine print when completing a credit card application, they are not totally aware of all the charges that can arise from delinquent payments. He f urther added that although queries like this can be explained by representatives at the bank who can provide valued solutions to the cardholders problem, the most infuriating of all queries from customers are unexplainable purchases on their account. At Republic Bank, fraudulent activity on a card can be detected from the use of their state-of-the-art security systems and their experienced fraud expert team that are in place to monitor and detect any unusual activity on a customers credit cards, but even with these measures in place, fraud can occur. The supervisor expressed that by implementing Chip and PIN technology for credit cards, the bank was able to be a step ahead of the competition and most importantly the card criminals. He also stated that although credit card fraud is not as prevalent in Trinidad and Tobago as in the developed countries, continuous education in counteracting fraudulent activities for their customer base is an effective method of addressing credit card fraud. He explained that Republic Bank has not had many eye-opening occurrences of notified credit card fraud but they believe that Chip and PIN technology is an innovative solution to the likelihood of this problem. He was also truthful in expressing that this technology is still new to the industry and all merchants have yet to convert to Chip and PIN enabled machines, therefore there is a window of opportunity for fraud until merchants are mandated to have these Chip and PIN enabled machines. He used the term mandate, because eventually all Republic Bank debit cards would also be chip enabled. In summing up the interview the author probed the supervisor on the banks position on the studies done by the University of Cambridge team on Chip and PIN technology and the tested flaws of the system. His response was quite interesting, because it ventured into a thought-provoking discussion on research. He lamented that the sphere of research done on any topic would result in the researcher seeking out the positive and negative aspects of it. How the data is interpreted, reflects the real value of the research done. Questionnaire Findings Question 5: How often and where do you frequently use your credit card to make purchases? Aim: To assess how often the average Republic Bank cardholder uses their credit card. Findings: Most Republic Cardholders in this study used their credit card regularly, at least five times per month. Credit Cards are used for purchases at the supermarket, restaurant and retail clothing stores. Question 6: Has your credit card information ever been compromised? If yes provide details. Aim: To determine the number of incidents of attack on Republic Bank credit card holders. Findings: Less than 50% of the respondents have never had their credit card data compromised. Question 7: Do you understand the workings of Chip and PIN technology introduced to Republic Bank credit cardholders and the value to be derived from using this technology? Aim: To determine the extent of the customers perception of this technologys value and how the card is used. Findings: Although some customers are guarded about the use of their credit cards, most of the respondents are confident in the service that Republic Bank provides and believes that implementing Chip and PIN gives them that added security against fraudulent activities, especially those customers that frequently travel abroad. Question 8: How do you think by using Chip and PIN cards for making payments will make it easier in transacting? Aim: To establish the efficiencies in the use of Chip and PIN cards, on the time taken to complete a transaction. Findings: Many customers applaud this technology as it reduces the time taken at the cash register when making purchases. It is simple, easy and convenient and most customers are truly happy as there is no need to write their signature. For this reason they find the system most efficient as it prevents their signature from the likelihood of being forged. ANALYSIS The main objective for the research completed on this topic, was to show how and to what extent the adoption of Chip and PIN technology has improved credit card security for Republic Bank cardholders. At a glance, before Chip and PIN technology was introduced in the UK, there was nation-wide educational literature on the benefits of the technology for banks, merchants and most importantly, the customers. However, it seems that this programme led by EMV, created more enthusiasm in the build-up to its implementation rather than the actual usage of the system. From the research, the mounting negative features of the technology and use of the system is outweighed the decreasing positive ones. It seems that the card theft criminals were focused on a solution to obstruct the successful use of the technology before the intention to use. The question remains, which facet of credit card fraud has Chip and PIN really reduced? The research show that for point of sale transactions Chip and PIN has been useful in the prevention of skimming ones card information, however the fraudsters have found alternative ways to improve on that tactic. Chip and PIN technology can only be used à ¢Ã¢â€š ¬Ã…“successfullyà ¢Ã¢â€š ¬? for point of sale transactions and not online transactions, so fraudsters have modified their techniques as with the modifications of the technology. Based on the research framework adopted, Republic Bank has measured their net benefits of adopting the Chip and PIN technology by encircling the information, service and system qualities to deliver user satisfaction and usage of the system with this technology. The success of any information system is multi-dimensional and the relationships among the constructs relate to the comprehensive evaluation of the system. The variable dependent on these constructs are the net benefits of this system, and for whom? This local company has app