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I worked on a chip and pin pilot at a bank in the early 00s and remember very clearly chuckling at the grandiose claim that chip and pin would end bank card fraud. There was one particular meeting where I was scowled at and rebuffed for pointing out that France had been using chip and pin for ten years at that point and they still had fraud problems.
Edit: There are some suggestions that the US is no different http://fortune.com/2018/11/05/credit-card-chips-fail-to-halt-fraud-survey-says/
Stonehedge
@Dammit
The thing that always takes a little getting used to when I'm in the US is that possession of a card=authority to use that card. Signatures are never, ever checked - often it's impossible to check them as the server only collects the slip you sign after you have left.
Chip and PIN would have a massive impact on the process of paying - unsure how much of an impact it'd have on fraud, but it'd certainly change the experience.