Skimming

Skimming

1. The act of stealing a person's credit card information on an electronic device and transferring the information to a different card. It may occur during a normal business transaction. For example, if one uses a credit card to make a purchase, the person handling the card may surreptitiously swipe the card through another electronic device that copies the information contained on it. The skimmer then transfers the information to another card.

2. The act or practice of stealing a small amount of money from a company, especially over a long period of time, so that it adds up to a large amount. One example is a worker neglecting to ring up a sale and simply keeping the money. A more sophisticated example involves a banker stealing a few fractions of a cent each time a transaction occurs. Over time, this can add up to a great deal of money.