Surely the whole ethos of Chip & PIN is to authenticate the cardholder at PoS? Where EMV has been fully implemented, i.e. the UK and much of Europe, 'face-to-face' fraud has been reduced to infinitesimal levels. Countries such as Germany, which adopted Chip & signature, rather than PIN, fraud reached 10x the current European average, measured in Basis Points (bps), before being gradually brought under control - but at huge expense in terms of chargebacks and other losses.