Chip and PIN is very broken.

The Chip and PIN ATM card readers can be “tricked” into accepting transactions without a valid personal identification number…

Man in the middle from reader to card and card to reader.

Information Research Group

The flaw we identified affects all UK banks, and others
overseas. This illustrates rising systemic risks due to
more widespread use of advanced technology in global
payment systems – risks, both of fraud and third-party
liability, which can affect companies and individuals

U.S. Tops List of Countries Victimized by Skimmers

ATM Skimmer Gallery