Chip-and-PIN cards have ruled Europe for almost 10 years, because (a) they reduce fraud that (b) customers are liable for over there. In the U.S., where banks are liable, consumers haven't pushed as hard for the security measure, so it's rare. I've had a chipped card for two years now but even my bank hasn't gone the whole way to requiring PINs for purchases with it.
Chase, however, has had enough, and has decided to issue them to everyone:
Chip cards have significantly cut into fraud globally. For example, in the United Kingdom, card fraud in stores dropped by 75 percent from 2004 — when a large-scale rollout began — to 2012, said Zilvinas Bareisis, a senior analyst for Celent, a consulting firm to the financial services industry.
A December 2014 report by the Payments Security Task Force, whose members include Visa, Bank of America and Riverwoods-based Discover, estimates that 47 percent of U.S. terminals will accept chip cards by the end of 2015.
Chase, which holds almost 25 percent of deposits in the Chicago area, said its rollout here will be followed nationally.
Other banks are slowly introducing chip cards. BMO Harris Bank, which holds 12 percent of deposits in the Chicago area, said it recently began issuing chip debit cards. Any new or replacement debit cards include chips, spokesman Patrick O'Herlihy said.
It's sometimes amusing and sometimes sad that the U.S. lags the rest of the OECD in technology. This one is sad. I'm glad Chase is making this push. We could finally have chip-and-PIN cards in time for Europe to roll out whatever comes next.