Online crime is on the increase and every UK business with an online presence is a target. Given the monetary and reputational costs involved, not having an effective brand protection strategy and turning a blind eye is no longer an option
By 2016 the world population of Internet users reached an estimated 3.4 billion with 326.4 million domain names registered in over 1,500 top level spaces. The number of formal domain name disputes brought by brand holders has seen a growth of up to 67% per annum since 2001 – an increasing proportion of which are in mass market domain spaces that are quickly and cheaply purchased and deployed by fraudsters.
Further, the range and sophistication of online fraud has increased exponentially over this period. The familiar but crude advance fee fraud emails from “African princes” of the past have been replaced with sophisticated, convincing phishing, smishing and business compromise email scams.
2016 saw the highest ever incidence of online fraud, with the National Fraud Intelligence Bureau estimating that 1.9m cyber-related crimes were committed, costing the UK economy an estimated £10.9bn.
The days of simply registering and blocking potentially infringing domain names are over. The Internet naming space has evolved beyond recognition: is too large, too complex and too volatile for this to remain an effective approach.
Download and read Demys’ latest white paper The Rise of Online Fraud, Trends in Internet intellectual property enforcement – http://dem.is/reports – for the latest in online brand enforcement and protection.