Originally Posted by
EmptyKim
The chip is there so you can't duplicate the card if you happen to get "track data". I don't think the card brands are as concerned about you losing your physical card as they are about losing 40 million records from one merchant. Data which in turn can be used to create cloned cards.
Well if everyone had adopted chip and pin then the risk of cloned cards would be greatly reduced. Then the data that was compromised in the recent breaches would be of less interest. It will be interesting to see how Apple are using the tokenisation technology in the Apple Pay system.