Reviews are critical; they are intended to directly inspire the thoughts of customers, whether to purchase or to turn their back on your business. Online reviews posted by common people have a great influence on the purchase decision of potential customers as compared to the ‘more likes’ and ‘followers’ for your business pages.
Latest studies say that more than 88 percent of Internet users read online reviews to evaluate the quality of any type of businesses; even long-trusted enterprises not spared! Further, the researches add that 4 out of 5 consumers will have a double-thought on their purchase decision after reading the negative reviews of the services offered by the business.
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Online fraud & fake reviews against crude oil advisory firms
Crude oil trading industry is the most dynamic and turbulent of all commodity markets. We know that crude oil or black oil is the depleting form of energy and is a highly demanded commodity in the world’s crude oil market. The pricing of crude oil is related to various market swings-the current demand & supply of the item, OPEC’s interventions, political turmoil, and geographicaland climatic conditions.
In on-going global economic hardships, many fraudsters and scammers have managed to troop into the crude oil trading businesses. Accordingly, an overall scattered, fraudulent community of fakers had invaded into the crude oil advisory enterprises, posting their faulty, negative feedbacks and responses with the intention of downgrading successful advisory companies. The hidden motive of these false users is the complete breakdown of their competitors, both financially and the reputation they had earned till date.
How do they play the bad game over the internet?
Many people, businesses and firms are caught red-handed playing this dirty game in the crude oil advisory domain. The reasons for posting fake reviews may vary. There are a great number of purposes behind the unrestricted scamming on crude oil tip providers. It threatens the trust on the service providers that a consumer had gained throughout his consistent relationship with the clients. User-generated fake reviews hurt the sentiments of firms that play by the moral rules. Moreover, it’s the reputation of the company that is being ruined by posting these fake reviews. The big business losses-reputation & money are inestimably-valued for the serious business markets like crude oil trading and advisory firms.
Let’s check in-depth how fraudsters exploit the internet and other online platforms to tarnish the international and even local stature of crude oil tips providers:
Online Fake Reviews
- Fakers initially set up false profiles in many product review platforms and customer complaint registration online mediums. The one peculiarity of the fake profiles is that they disclose almost no information on their respective accounts.
- They take less participation or hesitate to initiate fruitful comparisons on crude oil service providers. These users, most of the times post a comparatively smaller number of reviews or have no social connections.
- Duncan Simester, Professor of Management Studies at Massachusetts Institute of Technology in his study states “Fabricated reviews are much more negative than other reviews.”
- In most cases, fraudulent users upload all of the fibbing reviews at roughly the same time. This is the case when a competitor crude oil tip provider firm or group of companies pays for the batch of misinformation reviews.
- Fake reviewers don’t come up with proofs. The reviews against the crude oil advisory firms mostly contain irrelevant details and that too without evidence. The only purposes of such reviews are relentless and unethical attacks with an intention to lower down the competitors’ businesses.
- Fake reviews are critical and are extreme in their behavior. Half of the reviews tend to be short. It doesn’t convey any useful or meaningful feedbacks. Instead, shows up negative blunders.
Online False Ratings
The popularity of online ratings has a great impact on the stability of the business. The obvious benefits are better rankings, the higher visitor to customer conversions and bumped-up revenues. But when crude oil trading advisories get attacked by low-rated stars, it implies that the fakers are trying to game the entire crude oil trading system; it’s arguable that online ratings are unreliable and incredible than ever.
Revenge ratings down to 1
Crude oil tips providers who got slammed with thousands of 1-star reviews had faced huge upshots for the companies’ bottom line. 80 percent of users trust online ratings as much as a person-to-person recommendation and have a prodigious influence on consumers’ buying decisions. Every one-star increase leads to a total of 5 to 9 percent increase in revenue. Google has a wide set of policies for users who leave ratings and reviews. And you can get the negative ratings removed by contacting Google, either on Twitter, Facebook, or even reporting via the Google forum facility. Mind that, turning off the Review Feature doesn’t help you a bit and for online customers who reckons on online reviews and ratings before making an agreement with the crude oil tips providers, the missing Reviews are considered to be low-rated firms.
Uninterrupted 5 Star ratings
Recent trends show that some crude oil tips providers exploit the review and rating feature by placing a 5-star reputation for themselves to get them one step ahead of their contemporaries. It sometimes takes the form of incentivizing reviews where rewards to customers are made for their positive feedbacks. In the thought that wholesome 5-star ratings elevate the business of crude oil advisory firms, they either hire writers or picks selfish customers to glorify their reputation on different online platforms like Facebook, Google, Twitter, and various other customer feedback platforms. This illicit act slashes the business of genuine crude oil trading tips providers and the affected companies downfall acts as the fuel for the emergence of dishonest crude oil tips and calls providers.
Can we spot rampant fake online reviews?
In the realm of technological advancements, industry experts rely more on Artificial Intelligence and Big Data to place a lens on online fake reviews and assure the veracity of information doing rounds in the Ratings and Review platforms of various social media accounts and other online customer feedback platforms.
The research works to develop more accurate algorithms to track the spammer groups and the fake contents they post are on hype. Researchers are practicing with three different approaches incorporating POS – Part of speech tags, LIWC – Linguistic Inquiry & Word Count, and text categorization to develop sophisticated and automated algorithms to identify bogus reviews. Country laws are to be stringent enough to hold the cunning crude oil trading tips providers and active fakers for posting misleading advertisements and negative reviews.
Here we uncover 4 different, best performing human judgments to detect false reviews online:
Profile speaks a lot about the personality: A deep check on the reviewer profile reveals more information about the person posting negative reviews.The reviewer who is adamant against disclosing the basic and general info with the public can be a potential faker. More than that, 99% of the fakers’ profiles have no profile picture.
Same content; but multiple platforms: We need to be a little bit smarter to analyze the content and locating the same in other customer complaints websites and various other review platforms. At times, the fakers change their profile names and place the same negative remarks across multiple platforms.
‘I’, ‘me’ and ‘verbs’ takes the spot: The dedicated team of language investigators break down the pattern of the fake contents and had learned that the overuse of first-person pronouns like ‘I’ and ‘me’ and a lot of verbs in their negative reviews.
The timing of reviews:Take notice of users posting multiple reviews during a very short time frame (maximum of 30 minutes).This indicates an automated posting of false reviews against the genuine crude oil tips providers by their contemporary advisory firms.
A bad review or comment against a crude oil trading service provider spreads like wildfire and scrutinizing how pervasive the manipulation is, unveils the dirty business played by the contemporary crude oil trading advisory companies. The real motives behind these fake reviews are purely monetary. To get an edge over the competing peers, many unethical-ethos driven companies unfurls open online battle by paying the customers or hired writers for posting degrading remarks against their fellow companies. Nowadays, many crude oil tips and service provider firms are adhering advanced tracking technologies to tackle online review frauds. The skeptical analysis of such fakers points out to firms who are compeers in the field of crude oil trading advisories. The companies might get a temporary bump in the revenue earned by the business from artificially raising the star rating (5 Star), but the long-term risk is massive.
As one of the leading crude oil tips providers in India, Futurewins treats online fake reviews as a severe epidemic in the global crude oil trading market and is leveraging on modern technologies to catch out any unfaithful practices prevailing in the crude oil trading advisory sectors.
