Definition of Skimming:
Skimming is a method used by identity thieves to capture payment and personal information from a credit card holder. Several approaches can be used by fraudsters to procure card information with the most advanced approach involving a small device called a skimmer that reads the information stored in a card's magnetic strip or microchip.
A type of fraud in which the numbers on a credit card are recorded and then transferred to a duplicate card. This is done without the knowledge of the original credit card holder.
The illegal practice of taking money from cash receipts for personal use. Skimming refers to removing the top layer of a liquid. Because a person skimming is not reporting the cash as income it is not reported for taxation purposes, thus making skimming a form of tax evasion.
Skimming can occur in any situation where a cardholder uses an electronic payment card at a brick-and-mortar location. Fraudsters can obtain information in various ways, and the technology that they used is becoming more sophisticated and challenging to detect.
The removal of a substance from the surface of a liquid.
See skimming price.
The action of reading something quickly so as to note only the important points.
How to use Skimming in a sentence?
- Fraudsters often use a device called a skimmer that can be installed at gas pumps or ATM machines to collect card data.
- Card users are warned to keep their cards in their sight at all times and to cover the pin pad when inputting security codes at ATMs.
- My dad could not come in and watch us play our new game because he was busy skimming the pool outside.
- Some machines act like point-of-sale technology. An acquired card is swiped, and a touch pad allows the user to enter a security code.
- Skimming is an illegal practice used by identity thieves to capture credit card information from a cardholder surreptitiously.
- If you catch someone at your company skimming you must let them go immediately and send a message to the rest of the staff.
- The skimming occurred on Monday night at approximately ten thirty P.M. and we had it on camera as evidence in our case.
Meaning of Skimming & Skimming Definition