What is Typosquatting?
Let's find out Typosquatting meaning, definition in crypto, what is Typosquatting, and all other detailed facts.
Typosquatting is a cybercrime that involves malicious actors taking advantage of frequently misspelled URLs. Scammers create websites with domains that look similar to legitimate popular websites – think facbook.com instead of facebook.com – and develop a near-identical user interface.
The malicious website aims to collect data such as login information or banking details from the victim. Some websites are designed as fake eCommerce portals, and the victims unknowingly purchase products that are counterfeit or do not exist, thus getting scammed out of their money.
Typosquatters rely on affiliate links, digital advertisements, or other URLs that slightly differ from legitimate websites. Such activities can damage the reputation of legitimate companies and cause harm to their business and profits. Users who fall victim to typosquatting may withdraw their services with the legitimate provider as well.
Users who insert their login data into the falsified account have their data stolen and privacy breached. Hackers can then use the login credentials on legitimate websites to access the victims’ accounts and information like crypto wallet addresses or even social security numbers.
Typosquatting strategies share similarities with cybersquatting. Here, malicious parties buy domains that appear very similar to those of popular brands such as Adidas or Samsung. It’s common for well-known brands to purchase domain URLs with misspellings as redirect links to ensure that the customers are not scammed.