In July, a joint report co-written by cybersecurity firm CHEQ and an economics professor provided an economic analysis of influencer fraud, bringing fake influencers to the fore of issues within the media and marketing industry. In response, SYLO, a third party verification platform for marketing, is addressing the issue of fraud at the inaugural Influencer Fraudnomics Summit in New York City on September 17th.
Professor Roberto Cavazos, the economics professor University of Baltimore Business School who co-wrote the report, names major inciters in the field, such as scammers, fake influencers, and those who inflate their follower count, as people who undermine the industry. According to the report, influencer fraud is expected to cost businesses $1.3 billion in 2019 alone.
Many are affected by this fraud such as technology leaders, brand and PR teams, and creators because they rely on influencers to spread their message or product which can then generate more business. Drawing from a range of backgrounds, key experts will educate attending companies on how to better protect their brand from fraudulent influencers and privatize data more efficiently.
“I could not be more excited to unite with such a terrific cast of speakers for the upcoming Influencer Fraudnomics Summit here in NYC, who have dedicated a lot of time and energy in helping to update and shape best practices for this Influencer Marketing industry and its future,” says Brett Garfinkel, cofounder and co-CEO of Sylo, the independent influencer verification platform and sponsor of the Influencer Fraudnomics Summit.
