They'll then send out an email campaign with a From: address in the counterfeit domain (which will have valid SPF/DKIM/whatever), a subject like "Example.com: You've been invited to join a project!", quickly-come-see-this-secret-stuff body copy, and a call-to-action button linked to that URL.
The page hosted on the URL will have your branding and everything, and collect a bunch of personal information and/or access credentials for the scammers.
Taking down this stuff is tedious, but you can try -- least you can do for now is display a prominent 'this is not an authorized example.com domain' warning for inbound visits from these redirects, create a public Knowledge Base-like article warning about this abuse as well (making very clear this has nothing to do with you), and block the domains involved on your inbound mail server.
Silver lining: apparently your SaaS is successful enough to be used as a lure for scammers. Congrats?