Cyber-squatting rockets by 313%

Cyber-squatting – where online scammers strive to squat domain names to profit from someone else’s trademark – has risen dramatically since the introduction of an expanded list of web addresses eight months ago.

The 313% rise in cyber-crime was recorded by internet regulator ICANN coincides with the swell of internet suffixes – ranging from .vodka to .london – as the World Wide Web seeks to amplify its offering.

Over the last eight months, 198 disputes have been registered, compared with 48 in the first eight months after the new naming system was introduced.

Law firm Hugh James explained to the Telegraph that so-called “cyber squatters” buy addresses similar to those of well-known companies, or which they anticipate that companies may want in the future.

Cases of domain hijacks include one of a LA based artist rapper who registered the domain ‘redbull.vodka – who has since been ordered to transfer their domains to the rightful trademark owners.

“Businesses are being forced to expend time and money in these dispute,” said Tracey Singlehurst-Ward, Senior Associate at Hugh James.

“Tech-savvy but often unscrupulous individuals are looking to hold established companies to ransom.”