That kind of phishing already exists, even more sophisticated: a bug that a lot of software contains is not distinguishing between same looking characters in different alphabets. E.g. you can sign up on many forum/bbs platforms as Administrator if your leading A is cyrillic
A instead of latin
A. Both look the same but have different html entity codes and are different unicode chracatres, which is true for most vowels and many consonants (e.g. cyrillic B and latin B, C and C, E and E...). Or, for more fun, look at this (single) character
which looks exactly as "lj".
Those of us with customers who use two alphabets constantly have known about this problem for a long time and we've seen phishing on all different kinds of platforms using this strategy.
IDN (internationalized domain names) solves this problem in domain names with policy: you can't register a domain which looks exactly like some other domain except for that change in character. Still though, you can register both casino.it and casinò.it and that's where the real phishing potential is. I think, at least most native English speakers, would probably be fooled easier by a domain such as paypal-customer-division.com than paypàl.com.