Sure. But that's a pretty extreme case. Chip, alone (that is, chip and sign), is intended to prevent card duplication, which represents the vast majority of c

Sure. But that's a pretty extreme case. Chip, alone (that is, chip and sign), is intended to prevent card duplication, which represents the vast majority of credit card fraud. Chip and pin is intended to prevent lost or stolen cards from being used, which makes up most of the rest. Since these two represent, by far, the bulk of credit card fraud, the presumption is that credit card companies could now claim the consumer is responsible for their own security. The theory is that now that credit cards have the same level of security as a debit card, just as banks won't reimburse you for losses, nor should credit card companies.