There are issues with chip and pin, one of the major ones being it puts the onus of proof of fraud on the consumer. Hey, your card couldn't possibly have been used if you didn't type in the PIN or give it to someone else so you are liable.
This sort of thing reared its ugly head last decade in the UK with phantom ATM withdrawals. The banks claimed the consumers must have made the transactions as PINs are required and banks are perfectly secure. It turned out that the banks weren't as secure as claimed. (Search for [ross anderson phantom withdrawals] for more details as well as attacks on chip and pin systems.)
This sort of thing reared its ugly head last decade in the UK with phantom ATM withdrawals. The banks claimed the consumers must have made the transactions as PINs are required and banks are perfectly secure. It turned out that the banks weren't as secure as claimed. (Search for [ross anderson phantom withdrawals] for more details as well as attacks on chip and pin systems.)