The BBC is reporting on cybersqatters grabbing Domain names corresponding to recent bank mergers are that are already “being hoarded and sold online.”
Domain names for the merged Bank of America/Merrill Lynch as well as for Lloyds TSB/HBOS have been snapped up.
In one case, the domain name has already been listed on eBay, with the site directing visitors to the auction.
As reports of Lehman Brothers’ intent to sell itself first surfaced last Friday, cybersquatters had already spotted Barclay’s, HSBC and Bank of America as potential buyers.
Accordingly, barclayslehman.com, hsbclehman.com, hsbclehmanbrothers.com and bofalehman.com had been registered.
With the acquisition of Merrill Lynch by Bank of America this week, “cybersquatters registered bankofamericamerrilllynch.com and bofaml.com.
“The lesson has been there for a while for anyone working in the mergers and acquisitions area that this is a key area to focus on in the due diligence process,” Mr Robinson says.
“One can’t wait until after the deal is announced or the product is launched.”
There are two sides to a coin so there is no point condemning those Cyber squatters as everything in life created by people can be proper used and abused.
Domain names are only one of many things that are being abused
There are better ways to make money with domains. This sort of activity is negative for the domain industry, in my opinion.
Whew! Well at least they’re not reging TM domains. 😉
…an’ while one could reasonably characterize what’s happening as “hoarding,” I see nothing to back up the article’s “and sold” comment.