Synovus Financial Corp. SNV announced the collaboration with Carefull, which provides consumer-oriented fraud prevention products, including for elders. The initiative offers Synovus customers additional safeguards against falling for scams and fraud or making financial errors.

Carefull is the financial safety platform intended to protect aging adults, their families, and financial institutions from elder fraud, scams, and money mistakes. 

Rationale Behind SNV & Carefull Collaboration

According to a report by the Federal Trade Commission, fraud is one of the fastest-growing financial crimes in the United States, with consumers losing an estimated $158.3 billion. Amid this, Synovus is taking steps to strengthen its defense against exploitation, particularly for older adults who are often targeted by scammers.

With proactive fraud prevention measures, Carefull will be introduced as a complimentary benefit for Synovus customers, improving their banking experience. The program keeps an eye on investment, bank, and credit card accounts for indications of fraud, scams, and typical financial mistakes. In addition, Carefull offers credit monitoring, identity and house title tracking, and a safe digital vault for passwords and important documents.

By including family members in monitoring Carefull's Trusted Contacts function, Synovus clients can strengthen their multigenerational financial foundation by allowing younger generations to take care of an aging parent or integrating them into the banking relationship. About 75% of Carefull's users interact with a family member on the site in some capacity, which raises the likelihood of identifying fraudulent activity early and reduces the financial and operational responsibility on the bank, all while providing additional value to clients.

SNV & Carefull's Managements Remarks

Liz Wolverton, executive vice president, head of consumer banking and brand experience at Synovus stated, “Our business is built on trusted relationships with clients, so we want to be the first line of defense in protecting them from fraud and scams while strengthening our multigenerational banking relationship.” “Carefull allows Synovus and our clients to stay ahead of fraud and reinforces our commitment to delivering value for our clients,” he added.

Todd Rovak, co-founder of Carefull stated, “Protecting all clients from financial threats is essential for any financial institution, but it’s especially critical for older adults, who hold 65% of U.S. deposits and are often targeted by scams.” Synovus is passionate about bolstering its support for families through Carefull’s unique approach to identifying issues like romance, political and charitable giving scams. These things often go undetected until it’s too late since they are rarely shared with others,” he added.

Final Words on SNV & Carefull Collaboration

Synovus' collaboration with Carefull reflects its commitment to the protection and financial security of its clients. By leveraging Carefull's capabilities, Synovus aims to provide a differentiated banking experience and enhance clients’ experience.

With branches across Alabama, Florida, Georgia, South Carolina, and Tennessee, SNV has been making efforts to enhance its service offerings and strengthen its position as a trusted financial institution.

In sync with this, earlier in December 2024, Synovus launched Accelerate Trade, a portal designed to help international business clients manage global trade finance products with greater efficiency and transparency. Accelerate Trade aims to streamline and automate essential processes, providing Synovus clients with comprehensive visibility into the entire lifecycle of international transactions.

SNV’s Zacks Rank and Price Performance

In the past six months, SNV shares have gained 13.6% compared with the industry’s growth of 3%.

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Currently, the company carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Stocks Worth Considering

Some better-ranked bank stocks worth mentioning are BancFirst Corporation BANF and Cullen/Frost Bankers, Inc. CFR.

BANF’s earnings estimates for 2025 have been revised upward to $6.52 per share in the past 30 days. The company’s shares have gained 40.2% over the past year. At present, BANF sports a Zacks Rank of 1.

CFR’s 2025 earnings estimates have been revised upward to $8.86 per share in the past 30 days. The stock has gained 38.1% over the past year. Currently, CFR also sports a Zacks Rank #1.

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Synovus Financial Corp. (SNV) : Free Stock Analysis Report

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