Yes! Just like Yelp, Google My Business allows for people to either suggest or make an edit to a business listing, including your competition. Now, this may sound unfair to some business owners, but if someone makes incorrect edits, business owners always have a few days to review and approve (or disapprove) the suggested edits before they are changed.
If that ever does happen, GMB will NOT notify you if changes have been made to your listing, so it’s crucial to always be checking in on your listing to update incorrect information if any. Also, keep in mind that having the correct information on your Google My Business listing is extremely important. Known as your NAP (business name, address, and phone number), if there are inconsistencies on other online directories such as Yelp or Facebook, you can be hurting your rankings. Some examples are “Tony’s Auto Shop, LLC” and “Tonys Auto Shop”. Although to you, they are the same, it’s very important that you select a way to spell and display your business name & stick with it!