Cybersquatting is the “abusive registration of trademarks as domain names”. Imagine you were a growing brand and wanted to expand your scope to the cyber world. You look to register your brand, and you see that the website already exists, with your trademark, and it seems to exist for no real purpose. You are a victim to cybersquatting.
The fashion industry accounted for over 3,000 cybersquatting cases filed by trademark owners in 2016. Major brands like Giorgio Armani, Salvatore Ferragamo, Gucci, YSL, Valentino, etc. have filed complaints with regard to cybersquatting in 2016 alone. Brands want to be proactive in ensuring that these websites do not dilute the brand or cause consumer confusion. A brand can file a complaint and seek that the registration is canceled or transferred to the winning party.
Sometimes this squatting is done in an attempt to receive a significant payout from brands that want to regain control of the domain name quicker than cancellation proceedings would be.
Be weary of squatters.
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