Synovus introduces Carefull to combat financial fraud

COLUMBUS, Ga. - Synovus (NYSE:SNV), a Georgia-chartered bank with a market capitalization of $7.3 billion and a FAIR financial health rating according to InvestingPro, has announced the introduction of Carefull, a new service aimed at proactively detecting and resolving financial risks for its clients and their families. Amidst a surge in financial crimes in the United States, with an estimated $158.3 billion lost to fraud in 2023, Synovus is taking steps to strengthen its defense against exploitation, particularly for older adults who are often targeted by scammers.

Carefull is set to be rolled out as a complimentary benefit for Synovus clients, enhancing the banking experience with proactive fraud prevention measures. The service monitors bank, credit card, and investment accounts for signs of fraud, scams, and common financial errors. This initiative comes as Synovus maintains its strong market position, with InvestingPro data showing the company has maintained dividend payments for 51 consecutive years and currently offers a ~3% dividend yield. Additional features include identity and home title monitoring, credit surveillance, and a secure digital vault for storing important documents and passwords.

Liz Wolverton, Synovus’ executive vice president, emphasized the company’s commitment to trust-based client relationships and the value Carefull brings in safeguarding against fraud. Todd Rovak, co-founder of Carefull, noted the importance of financial institutions in protecting clients, particularly the elderly who are vulnerable to scams and hold a significant portion of U.S. deposits.

The Carefull platform also introduces a Trusted Contacts feature, allowing clients to involve family members in account monitoring. This inclusion aims to foster stronger multigenerational banking relationships and improve early detection of fraudulent activities, thereby reducing the financial and operational impact on the bank.

Synovus’ partnership with Carefull reflects its dedication to client protection and financial security. By leveraging Carefull’s capabilities, Synovus aims to maintain client confidence and provide a differentiated banking experience.

Synovus Bank operates across Georgia, Alabama, Florida, South Carolina, and Tennessee, offering a wide range of banking and financial services. This initiative is part of Synovus’ broader efforts to enhance its service offerings and strengthen its position as a trusted financial institution. The company’s stock has demonstrated strong performance with a 44% return over the past year, and analysts remain optimistic about its future prospects. For detailed analysis and additional insights, investors can access the comprehensive Pro Research Report available on InvestingPro, which covers this and 1,400+ other top US stocks with expert analysis and actionable intelligence.

The information in this article is based on a press release statement.

In other recent news, Synovus Financial reported strong fourth-quarter 2024 earnings, surpassing analysts’ expectations with an adjusted diluted earnings per share (EPS) of $1.23, compared to the forecasted $1.15. The company’s revenue was in line with forecasts at $565.59 million. Raymond (NSE:RYMD) James responded by lifting Synovus’s stock target to $64, citing the company’s strong results and profitability outlook. Citi also maintained a positive outlook on Synovus, increasing the price target to $62, supported by the company’s favorable deposit mix and growth potential. Meanwhile, Stephens reaffirmed its Equal Weight rating for Synovus, acknowledging the earnings beat due to higher net interest income and a lower tax rate.

Goldman Sachs maintained a Neutral stance on Synovus, keeping a $61.00 price target despite the company’s strong quarterly performance. The financial institution’s recent results showed an increase in revenues, primarily driven by net interest income, and better-than-expected credit performance. Synovus also announced a significant increase in capital returns, doubling the previous market prediction to $400 million, a move expected to be well-received by investors. The company continues to focus on strategic growth initiatives, aiming for stable net interest margins and core deposit growth in the upcoming quarters.

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