After reading the wikipedia article on this, these cards seems to be full of fallback mechanisms that make them virtually useless for more advanced protection but in only a few constrained situations, and it's biggest benefit is that it allows MasterCard and the others to shift liability of fraud from the Bank to the merchant and the customer.
It allows the shift in liability to the merchant if they don't perform a chip transaction.
Fallback is at merchant discretion, if they want to take transactions under those circumstances then that's their risk.
Other than that, no EMV is not perfect, but it's a DAMN site better than the everything-in-the-clear magstripe. Did you read the linked article about fraud levels?
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After reading the wikipedia article on this, these cards seems to be full of fallback mechanisms that make them virtually useless for more advanced protection but in only a few constrained situations, and it's biggest benefit is that it allows MasterCard and the others to shift liability of fraud from the Bank to the merchant and the customer.
Nope.
It allows the shift in liability to the merchant if they don't perform a chip transaction.
Fallback is at merchant discretion, if they want to take transactions under those circumstances then that's their risk.
Other than that, no EMV is not perfect, but it's a DAMN site better than the everything-in-the-clear magstripe. Did you read the linked article about fraud levels?