ICYMI: In Case You Missed It
As we celebrate National Small Business Week, PPSI’s first-of-its-kind national survey, expert briefing, and op-ed in Fortune highlight an urgent and underreported threat to Main Street.
WASHINGTON, May 7, 2026 /PRNewswire/ — As the country celebrates National Small Business Week (May 3–9, 2026), the Public Private Strategies Institute (PPSI) is sharing recent body of work that puts a hard number on a massive threat to America’s entrepreneurs: fraud, scams, and ransomware.
A first-of-its-kind national survey, expert briefing, and firsthand account published in Fortune reveal the size, scope and real-world consequences to businesses and the US economy.
The Survey: $131B Hidden Tax on Small Business
The survey of more than 500 small business owners conducted by Morning Consult for PPSI, is the first to…
Identity theft is the “foundational” fraud upon which many other crimes are built. It involves the unauthorized acquisition and use of a person’s personal identifying information (PII), such as an ID number, Social Security number, or passport details.
- How it works: Fraudsters obtain PII through data breaches, mail theft, or “social engineering” (tricking people into revealing details). Once they have this data, they can open new bank accounts, apply for credit cards or loans, and even receive medical treatment under your name.
- Synthetic Identity Fraud: A sophisticated variation where criminals combine real and fabricated information to create a completely new, “synthetic” person. This is particularly difficult to detect because there is no single victim to report the suspicious activity initially.