Credit Union CEO Explores Cyber Security and Banking

Credit Union CEO Explores Cyber Security and Banking

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Rebecca Green
July 01, 2014

The leader of Pennsylvania's largest credit union warned students that college debt may not be their biggest challenge. In his keynote address to over 550 summer interns at TWC's Career Boot Camp, Greg Smith detailed the risks students face from both bogus credit ratings and a growing number of hackers.

 

In addition to managing student loan debt, Smith stressed the importance of consistently monitoring your credit score from all three sources as well as viewing your credit report once a year. He cautioned students against the perceived security of online banking and financial transactions with which millennials have become comfortable. He defined the risks associated with online activity and warning signs of a scam. Smith shared stories of real customers who lost thousands of dollars in cyber-scams from phony employment schemes to loan consolidation fraud and cited examples of cyber-vulnerability. Students walked away with best practices for protecting themselves as well as the importance of finding a trustworthy financial intuition, like PSECU.

 

In two break-out sessions following the eye-opening keynote, Sara Walter, Public Relations Manager at PSECU, talked to interns about planning for the future. Walter helped students decipher the benefits of a job offer, beyond the base salary. She outlined hidden costs of employment—including transportation/ commuting expenses and professional association fees— and explained how to figure out the real value of an employment benefit package— health care contributions, 401K matches and fringe benefits like tuition reimbursement. She also defined a clear path for success with 5 steps for building credit. One student who attended because of anxiety on growing debt, said she felt more confident and prepared to tackle her debt.

 

Professional development events such as Career Boot Camp enlighten students on issues and topics they otherwise would not have the chance to explore. For CEO Smith, TWC's Career Boot Camp was another chance to help develop young leaders. PSECU provides $30,000 in scholarships annually through the Pennsylvania State System of Higher Education Foundation; helping more than 20 students a year participate in a TWC internship program.

 

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