" In this paper we describe and demonstrate a protocol flaw which allows criminals to use a genuine card to make a payment without knowing the card’s PIN, and t

" In this paper we describe and demonstrate a protocol flaw which allows criminals to use a genuine card to make a payment without knowing the card’s PIN, and to remain undetected even when the merchant has an online connection to the banking network." I wasn't even aware that the chipped cards _had_ PINs. I think we can all agree that a chipped card + PIN is more secure than a magnetic strip card with no PIN. But, perhaps the reduction in fraud isn't worth the cost of replacing all the old gear.