Um, the "PIN" part of "chip and PIN" means that it's a two-factor system -- a thing you have (the chip) and a thing you know (the PIN.) That doesn't mean it's bulletproof, but it's certainly better than what we have with signature verification, or the ridiculous "look at the back of the card and enter three or four more digits" that adds no real extra security other than being generated using a different algorithm than the numbers on the front.

We've already had PIN entry on POS terminals for a long time now to handle debit cards, so it's actually kind of ridiculous that it hasn't been made mandatory for credit cards as well. Just another thing the US is behind the rest of the world on.