The act of letting your dog shit in someone else's yard and then bending over to act like you are picking up the feces without actually doing so. Menace comes from the fact that your dog is making waste on another's property, and phantom comes from the fact that it must be done steathily. This manuever is usually performed at night but can performed during the day against neighbors you have absolutely no respect for.
I just pulled off the Phantom Menace during the day with Mr. Chang in the front yard. He yelled at me but I couldn't understand his oriental gibberish