Synovus Prioritizes Fraud Protection With Carefull Collaboration

Core Insights - Synovus Financial Corp. has partnered with Carefull to enhance fraud prevention measures for its customers, particularly targeting the protection of older adults against scams and financial errors [1][2][7] - The collaboration aims to provide additional safeguards and improve the overall banking experience for Synovus clients by monitoring accounts for signs of fraud and offering various financial safety tools [3][4] Collaboration Details - The partnership with Carefull is a response to the growing issue of fraud in the U.S., with consumers losing an estimated $158.3 billion, highlighting the need for stronger defenses against exploitation, especially for older adults [2][6] - Carefull's services include monitoring investment, bank, and credit card accounts, credit monitoring, identity tracking, and a secure digital vault for important documents [3][4] Family Involvement - The integration of family members in monitoring through Carefull's Trusted Contacts function allows for a multigenerational approach to financial safety, increasing the likelihood of early detection of fraudulent activities [4][6] Management Perspectives - Synovus executives emphasize the importance of building trusted relationships with clients and positioning the bank as a first line of defense against fraud [5][6] - Carefull's co-founder highlights the critical need to protect older adults, who hold 65% of U.S. deposits and are frequently targeted by scams [6] Strategic Positioning - The collaboration reflects Synovus' commitment to client protection and financial security, aiming to differentiate its banking experience and enhance client satisfaction [7] - Synovus has been actively working to improve its service offerings and strengthen its reputation as a trusted financial institution across multiple states [7] Recent Developments - In December 2024, Synovus launched Accelerate Trade, a portal designed to improve efficiency and transparency in managing global trade finance products for international business clients [8] Performance Metrics - Over the past six months, Synovus shares have increased by 13.6%, outperforming the industry growth of 3% [9]