AUSTIN, Texas — It's not phishing and it's not the buying of Internet domain names for re-sale later, the old "squatting" for dollars scam, but it's not completely legitimate, either. It's called "typosquatting," the practice of registering domain names that closely resemble legitimate sites, with the apparent intent of directing those who end up there to advertising sites that generate profits through click-through advertisement.
Credit union domain names were a big target for typosquatters in recent days, says Kelly Dowell, executive director of the Credit Union Information Security Professionals Association (www.cuispa.com.)
He says the CUISPA identified more than 450 registrations that include FCU.com or creditunion.com endings.
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Such click-through sites are often promoting competing products and services, and while not illegal, Dowell says, "it has become a growing concern for legitimate site owners and is considered by many as unethical and misleading."
A company in Mountain View, Calif., appeared to have done the bulk of registering of credit union-like names over the weekend, Dowell says, adding that the CUISPA was unable to get hold of the firm using its provided phone number.
"The concern that many financial institutions have is that this is the same practice that phishers are using to mislead consumers in their illegal activities," Dowell adds. "It creates additional stress that targeted phishing attacks may be pending."
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