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The growing demand for recording longer ECG signals to improve the effectiveness of IoT-enabled remote clinical healthcare is contributing large amounts of ECG data. While lossy compression techniques have shown potential in significantly lowering the amount of data, investigation on how to trade-off between data reduction and data fidelity on ECG data received relatively less attention. This paper gives insight into the power of lossy compression to ECG signals by balancing between data quality and compression ratio. We evaluate the performance of transformed-based lossy compressions on the ECG datasets collected from the Biosemi ActiveTwo devices. Our experimental results indicate that ECG data exhibit high energy compaction property through transformations like DCT and DWT, thus could improve compression ratios significantly without hurting data fidelity much. More importantly, we evaluate the effect of lossy compression on ECG signals by validating the R-peak in the QRS complex. Our method can obtain low error rates measured in PRD (as low as 0.3) and PSNR (up to 67) using only 5% of the transform coefficients. Therefore, R-peaks in the reconstructed ECG signals are almost identical to ones in the original signals, thus facilitating extended ECG monitoring.