I really don’t like the phrase “Fake News”, as using it serves to legitimize the language of Trump.
Trump uses the phrase “fake news” because his drooling fans are low brow, to use an old fashion term.
The correct term in most cases for a report that is false is “false”. One may also find useful “wrong”, “misleading”, and when intention is clear, “lie”, “falsehood”, “deception”, and “propaganda” if the latter comes from some kind of authority.