Consumers often ask whether debit or credit cards provide greater consumer protection against fraud. The question itself indicates a few key preconceived notions about fraud as it relates to personal finance; as a consumer, it's important to know that:

1. You aren't liable for unauthorized purchases. All major credit and debit card issuers provide $0 liability guarantees for unauthorized charges.
2. Fraud isn't all that prevalent. Of all the purchases made with credit cards and debit cards, only around 0.05% are affected by fraud.

Yet it's understandable that consumers are concerned about the security of their hard-earned money, and many may still want to know: will using either a credit card or a debit card make dealing with fraud easier?

Credit or debit?
Credit cards make breaches of financial security slightly easier to address.  With a credit card, a consumer has at least 21 days from the time a statement is available to pay the amount due. That's plenty of time to notice unauthorized charges, notify your issuer of the issue, and have them removed from your bill. With a debit card, on the other hand, a thief could clear out your bank account before you notice. Although you will recover all of your money, finding your bank account empty can be quite a shock.

What about cash?
The real difference in financial security comes when you compare both credit cards and debit cards to cash. If a thief gets ahold of your cash, there's really nothing you can do, save filing a report with the police. Cash doesn't come with a $0 liability guarantee, after all.

What about prepaid cards?
Let's cover all the bases. In terms of liability, prepaid cards are similar to debit cards. The primary difference is that instead of being linked to a bank account, a prepaid card is linked to a reloadable prepaid account.

How to protect yourself
There are a few steps you can take to further insulate yourself from financial intruders, no matter how you choose to go about spending your money. It's always a good practice to:

• Check your credit reports for inaccuracies. You are entitled to one free copy of your TransUnion, Equifax and Experian credit reports every 12 months. It's a good idea to request your report from one of these agencies every four months to stay on top of changes.
• Keep your Social Security Number (SSN) private. Make sure to give out your SSN only to reputable companies after you have contacted them, not after they have contacted you.
• Shred financial documents. Dumpsters are a main source of information for identity thieves.
• Make arrangements for your mail while on vacation. Mail overflowing from a mailbox is a sign of opportunity for both identity and property thieves.
• Use secure passwords. Avoid opening up your financial world to anyone who knows your pet's name or your birthday, and make sure to change your passwords regularly.
• Verify web security. Only provide personal financial information on "https" websites.

Credit cards and debit cards have far greater purchasing power than the cash you carry in your wallet, yet they also offer considerably lower liability than other forms of payment. However, fraud can lead to considerable hassle and financial troubles, so make sure you continue to take steps to safeguard your personal finances.

Penn State Behrend Business Program Earns National Ranking

Princeton Review

Get Smart About Credit Day

October 25, 2012

On October 25,2012 the Center for Financial and Consumer Outreach, in partnership with Marquette Savings Bank, was able to bring the Get Smart About Credit Day national campaign to local students for the second year. This event helped spread the news about credit to hundreds of students in Erie County.

Representatives from Marquette Savings Bank were on-hand at Perseus House Charter School of Excellence - Skills Center and Union City Area High School to lend their expertise and lead students in learning what credit is and how to use it wisely.

To view the news clip for this event, click here.

Grant Opportunity

The Erie Women's Fund is now accepting proposals for a program or campaign designed to promote an increase in simple acts of kindness, an increase in the use of pro-social speech and behaviors, promote healthy civic debate of important issues, build diverse beliefs, values and culture or  promote civility as a central theme in everyday situations that impact self, family, employment and/or community. 

Projects must target Erie County youth up to age 18, be strategically placed for optimal exposure/impact and provide measurable results. Grant activities must occur between January 1 and December 31, 2013.

Applications are due to the Erie Community Foundation by noon on November 9, 2012.

For more information and eligibility requirements, click here.

Girls World Expo 2012

Annual Activities Report

2011-2012

Program Information & Samples

http://cfco.psu.edu/programs.html

If you are interested in learning more about the CFCO's financial literacy outreach programs, simply visit the link above, or click here. In addition, there are samples of each presentation available on our site so that you can gain an understanding of what each program includes. Some programs also have a short informational video. 

Once you get to the site, simply click on the program that you would like to learn more about to view samples and additional information for that program.

If you are interested in requesting one, or more, of the programs, click here to access the Program Request Form. 

FREE Financial Webninar Available

Raising Money Smart Kids

Like many other subjects, children need instruction on basic financial skills - the building blocks that will help them make smart money choices in the future. Parents have the power to teach their kids sound, proven financial techniques that will help them grow into worry-free, successful adults. The CFCO's director, Erica Jackson, presented a financial webinar in partnership with the Pennsylvania Treasury Department to help parents tackle these issues. "Raising Money-Smart Kids" is now available on the Pennsylvania Treasury Department's website.

Financial EduNation is an online resource center offered by the CFCO in partnership with the National Financial Educators Council. This online tool is full of resources for students, parents, educators, and community leaders. Students can test their knowledge of financial literacy topics, while parents and educators can learn how to communicate more effectively with youth about financial literacy topics.

Qualified organizations receive complementary access to the comprehensive Financial EduNation resource center. This is provided on a first-come, first-serve basis. For more information about the Financial EduNation resource center, simply contact at our office at cfco@psu.edu. To visit Financial EduNation, click here.

Mindful Money

This month the CFCO's Mindful Money column will focus on the topic of   "Smart Tips and Tricks to Save During the Holidays." Katrina Boyer, a Consumer Group Relations Coordinator with the Pennsylvania Department of Banking, will be lending her expertise and knowledge as this month's Mindful Money financial expert.

To register for the CFCO's monthly Mindful Money column, click here.

"Like" Us on Facebook 

If you have not already "liked" the Center for Financial and Consumer Outreach, you may want to in order to stay up to date on what the CFCO is doing.  New outreach initiatives, CFCO events, and the latest in financial news are all posted regularly on our Facebook page in an effort to keep consumers informed. 

To "like," search "The Center for Financial and Consumer Outreach," or click here. 

Contact Us

Erica Jackson, Director

ekj2@psu.edu

(814)-898-6784

Chris Holmes, Graduate Assistant

cmh5282@psu.edu

(814)-898-6553

Amanda Shields, Intern

ars5458@psu.edu

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Our new website is equipped with everything that you need to set out on the road to becoming financially savvy!

On our new site, you will find links to current financial news, a background on our center, a list of our current programs complete with a program request form, and our contact information.

Join the Conversation!

As the holiday season approaches, millions of Americans are beginning to plan out their holiday travel. So, we want to know:

How far will you travel this holiday season?

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Additional Resources

CFCO's Financial Calculators:

 NEW! Tooth Fairy Calculator

Saving for a Goal

Back to School Budget

My Bonus After Taxes

Save A Million Dollars

Mortgage Payment

For more information and more financial calculators, visit the CFCO's website here.