> Like in the UK, in a PIN system if I know your PIN and get your card I can loot your account and you are SOL. This is not accurate (well, since 2009 at least

> Like in the UK, in a PIN system if I know your PIN and get your card I can loot your account and you are SOL. This is not accurate (well, since 2009 at least). It has nothing to do with chip-and-pin, but with how the legal system distributes liabilities. Section 62 of the Payment Services Regulations 2009 [1] limits personal liability to £50 (except in cases of fraud or gross negligence). Chip-and-pin is simply an authentication mechanism that reduces the risk of fraud; it does not address legal questions of liability. [1] http://www.legislation.gov.uk/uksi/2009/209/regulation/62/made http://www.legislation.gov.uk/uksi/2009/209/regulation/62/ma...