Meaning of “skimming” in the English Dictionary

business-english dictionary

"skimming" in Business English

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skimmingnoun [ U ]

uk /ˈskɪmɪŋ/ us

IT the practice of stealing someone's credit card details using electronic equipment, in order to use their account illegally:

Cash machines at several garages throughout London were fitted with skimming devices.

FINANCE, TAX the practice of stealing money from an account, budget, etc. over a period of time in amounts that cannot be easily noticed:

The director's skimming of the charity's profits landed him in jail for a decade.

also market-skimming pricing MARKETING the practice of charging a high price for a new product in order to make as much profit as possible before other similar products become available and prices fall:

A slow skimming policy is where the product carries a high price with a low level of promotion.

(Definition of “skimming” from the Cambridge Business English Dictionary © Cambridge University Press)