A good explanation from McAfee blog on the topic:
"Typosquatting, also known as URL hijacking, is a form of cybersquatting (sitting on sites under someone else’s brand or copyright) that targets Internet users who incorrectly type a website address into their web browser (e.g., “Gooogle.com” instead of “Google.com”). When users make such a typographical error, they may be led to an alternative website owned by a hacker that is usually designed for malicious purposes.
Hackers often create fake websites that imitate the look and feel of your intended destination so you may not realize you’re at a different site. Sometimes these sites exist to sell products and services that are in direct competition with those sold at the website you had intended to visit, but most often they are intended to steal your personal identifiable information, including credit cards or passwords.
These sites are also dangerous because they could download malicious software to your device simply by visiting the site. So you don’t even need to click on a link or accept a download for dangerous code to install on your computer, smartphone or tablet. This is called a drive-by download and many typosquatters employ this as a way to spread malicious software whose purpose is to steal your personal information."