Re: Chip & PIN or Contactless
This is completely wrong. Fraud has gone down to negligible amounts where CHIP & PIN has been introduced (except of course for Card Not Present, where there is neither CHIP nor PIN).
Why do you think the incidence of card present fraud is so high in the USA? It's because they haven't widely implemented CHIP & PIN. They're rushing to implement it now, but meanwhile fraudsters are having a field day.
Also, any issuer (e.g. a bank) must accept a no customer liability clause if they want to issue Visa Paywave or MC PayPass cards.