Confusion still reigns over chip/PIN/signature, even at the FBI! EMV is about card authentication; it is impossible, so far, to counterfeit an EMV chip card. The fraudster can capture the card data but can't use it to create a card that can be used in an EMV terminal. The debate on PIN vs signature is about cardholder verification. If it's signature, then the retailer is verifying the cardholder. It it's PIN, the card issuer is verifying the cardholder. Nobody can claim that signature is a secure cardholder verification method as the signature is rarely checked properly by the sales assistant. PIN is not perfect but it is preferable. Here in the UK we moved happily from magnetic stripe with signature to chip with PIN. We remain bemused why the US can't or won't.