Investment powerhouse BlackRock is gearing up for a legal battle against 44 internet domain owners, accusing them of running fraudulent websites that exploit the BlackRock brand. In a move to protect its reputation and customers, the asset management giant filed a legal complaint on October 10, 2023, targeting various domains that mimic BlackRock’s name and business.
BlackRock alleges that the owners of these domains have registered them in bad faith with the intention of capitalizing on consumer confusion. Their tactics range from pay-per-click ads to malware and email phishing attacks, all designed to deceive and divert traffic. The firm has enlisted the support of law firm Wiley Rein LLP and pointed to studies indicating that a significant portion of the internet’s top 500 sites are affected by ‘typosquatting,’ a practice where a domain is registered with typographical errors matching legitimate websites.
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Cybersecurity and Consumer Protection
The asset manager claims that these entities have violated the Anti-Cybersquatting Consumer Protection Act by registering domains that are intentionally confusingly similar to their own. Among the targeted domains, some had a crypto-related twist, like BlackRock-crypto.net, while others were typical cases of cybersquatting. The company is now pushing for control over these domains, seeking damages, and injunctions to prevent further cybersquatting and trademark infringement, including their brands BLACKROCK, ALADDIN, and BLK.
Crypto enthusiasts should take note as this legal action highlights the increasing association between large financial institutions and the cryptocurrency industry. While some of the offending domains were direct crypto references, such as BlackRock-crypto.net, they also indicate the potential risks and challenges surrounding the use of crypto in the financial sector. With cyberattacks and scams on the rise, this move by BlackRock underscores the need for stronger security and consumer protection measures, especially in the cryptocurrency domain.