http://www.slate.com/articles/technology/future_tense/2015/08/chip_and_pin_debit_and_credit_cards_won_t_stop_fraud.html

When one of my credit cards expired this summer, my bank sent me a replacement with a microchip. This wasn’t my first credit card with a chip—in fact, credit card companies have long been heralding 2015 as the year when all of the old magnetic stripe cards for U.S. cardholders will be replaced with high-tech EMV-compatible cards. (EMV stands for the first three companies that developed the technical standard for chip cards: Europay, MasterCard, and Visa.) This was supposed to be the year when the United States was finally going to catch up to Europe and Australia, which transitioned to EMV technology in the mid-2000s and 2013, respectively, and implement state-of-the-art payment card technology that would make it harder for criminals to steal credit card numbers and perpetrate fraud. EMV cards generate single-transaction codes instead of relying on reusable card numbers and usually require people to input personal identification numbers to process transactions—making it harder (though not impossible) for criminals to commit fraud with them.