In an era where data is pivotal to business operations, the threat of fake or unverified data looms large, especially for small businesses.
“The Association of Certified Fraud Examiners reports that U.S. businesses will lose an average of 5% of their gross revenues to fraud,” said Cindy Vestergaard, Vice President, Special Projects and External Relations at DataTrails. “When losses do occur, only 49% of businesses have been able to recover funds lost, while almost two-thirds of businesses recover 25% or less and only one-fourth recover more than 75%.”
Understanding and combating fake data is crucial to maintaining your business’s integrity, profitability, and reputation. Here’s what you need to know about fake data and how to protect your business against its detrimental effects.