EMV absolutely works in Canada. And as someone commented here if the US adopted EMV then even card-not-present fraud would drop considerably - no skimmed cards, no card data to use by fraudsters. As it is Interac recently announced that debit card fraud in Canada has dropped 63% since 2009 (when chip introduction started?). However, CNP fraud has jumped considerably as fraudsters seek out new avenues for their ventures - with data no doubt gleaned from US mag stripe credit cards. It seems to me that the US is trying to find a SINGLE answer to both card present and not present fraud - a cheap and easy to implement answer that I don't believe exists.