Bah!
Well, I live in New York and have been issued with a chipped credit card or two. Here's the actual truth, Stevie-side.
The chip is not protected by a PIN.
The card is not "tapped", it is inserted in the bottom of the reader and a lengthy wait then ensues before the authorization acknowledgement is requested. Sometimes, quite often in fact, the chip reader does not work and the card must be swiped anyway. So it is lucky that the mag stripe is still very much in evidence, innit?
At gas stations, the card is inserted into a reader. which reads the mag stripe, not the chip. I know this because the frequent customer card I use to make the cheap as water gas even cheaper has no chip, just a mag stripe, and in each case the insert and "remove quickly" instructions are the same, and if not followed properly the transaction will fail.
The legislation making fraud the vendor's issue is not yet in place and has been modified since it was proposed much in line with the system in the UK. This, I understand, at the vendors' request, on infrastructure cost grounds.
The Dabbs Scenario is coming, but as my grandma used to say, so is Christmas, and at this rate it'll be here first. (This had more poignancy in January, I admit).