How Salami Slicing Attacks are Shaking Fintech: A Common Man's Guide to Understanding and Safeguarding Your Finances
Understanding the Salami Slicing Attack Salami slicing attack, also known as penny shaving or penny skimming, is a type of financial fraud that involves stealing small amounts of money from numerous accounts. The term "salami slicing" comes from the idea of slicing off small pieces from a larger whole, just like slicing salami. In this attack, the perpetrator targets a large number of accounts and takes small amounts of money from each account. The stolen amounts are usually so small that they go unnoticed by the account holders. However, when combined, these small amounts can add up to a significant sum for the attacker. The salami slicing attack is often carried out using automated systems or software that can perform numerous transactions quickly and efficiently. The attacker may exploit vulnerabilities in a financial system or use social engineering techniques to gain access to the accounts. The Impact of Salami Slicing Attack on the Common Man The salami slicing atta