Security chips have not reduced US credit-card fraud

The US credit card industry was a very late adopter of security chips, lagging the EU by a decade or so; when they did roll out chips, it was a shambolic affair, with many payment terminals still not using the chips, and almost no terminals requiring a PIN (and some require a PIN and a signature, giving rise to the curiously American security protocol of chip-and-PIN-and-swipe-and-sign). Read the rest