That's chip and signature, not chip and PIN. If you get physical possession of someone's card, you can scribble whatever you want on the receipt and you are goo

That's chip and signature, not chip and PIN. If you get physical possession of someone's card, you can scribble whatever you want on the receipt and you are good to go. Europe uses chip and PIN, where you have to enter a numeric code at the time of each transaction that is used to unlock the card. So, you need PIN and card, the traditional what you have / what you know. A lot of European banks even issue EMV readers that connect to your PC for online shopping and banking.