Financial Counseling Certification Program (FiCEP) Practice Exam

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For an elder, what is a prudent step to take in light of potential fraud?

  1. Hand over all financial decisions to family

  2. Review credit reports and bank statements frequently

  3. Invest solely in real estate

  4. Ignore minor discrepancies

The correct answer is: Review credit reports and bank statements frequently

Reviewing credit reports and bank statements frequently is a prudent step for an elder to take in light of potential fraud because it enables them to monitor their financial activities closely. Regularly checking these documents can help identify unauthorized transactions, suspicious activity, or discrepancies that may indicate fraud, allowing individuals to respond promptly. This proactive approach enhances financial security and helps protect against the significant consequences of identity theft or fraud. This choice emphasizes the importance of vigilance in financial management, especially for older adults who may be more vulnerable to scams. By staying informed about their financial status, elders can maintain greater control over their finances and take necessary actions if they notice anything unusual. This habit also encourages a collaborative relationship with trusted family members or financial advisors, should the need for assistance arise.

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