Skimming

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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.
Farlex Financial Dictionary. © 2012 Farlex, Inc. All Rights Reserved
References in periodicals archive ?
ABC Chairman In Channy, who is also President and Group Managing Director of Acleda Bank, said EMV chip standards will help protect against counterfeiting and data breaches in Cambodia's financial sector.
The researchers find that 35 percent of EMV articles refer to fiscal policy, mostly taxes, 30 percent discuss monetary policy, 25 percent refer to one or more forms of regulation, and 13 percent mention national security.
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All BSP-supervised financial institutions were given until January last year to migrate to EMV technology to drastically reduce, if not totally eliminate, fraud due to card skimming and counterfeiting as the new technology provides cardholders better protection from unauthorized access to their accounts.
So, businesses that use a single POS terminal can upgrade to EMV for the cost of a night out with their spouse.
The Bangko Sentral ng Pilipinas (BSP) has ordered banks to issue all customers with EMV chip-enabled cards until June 30 this year or face penalties.
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When asked to name their top-three payment challenges of the past year, 76% of retailers surveyed cited EMV as the top contender and 46% cited chargeback issues (often related to EMV), while 37% pointed to implementation of security efforts like encryption and tokenization.
Point-of-sale (POS) systems in grocery stores were supposed to be able to accept Europay Mastercard Visa (EMV) credit cards for payment at checkout beginning Oct.1, 2015.
EMV (Europay, MasterCard, Visa) is a new international standard for payment cards which leverages a dynamic chip for more secure point-of-sale transactions.
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