In reply to Sean.

With respect Sean you don't know what you are talking about. Cardholder data does not come from an EMV device in 'plain text' in the vast majority of cases. 90%+ of all acquirers supporting EMV now use P2PE There is also a big difference between getting PAN data and getting track 2 data.
In markets that support EMV CNP fraud has dropped. Many pundits claim it is because fraud has moved to non-EMV markets and to some extent that may be true, but the main reason is that the bulk theft of PAN and track 2 data from retail POS systems stops with properly implemented EMV.