Vermonster wrote:The weakness of the US system is the signature.
NO. NO. NO. (imagine ten pages of that, in a bigger font.)
The weakness with the US system has been that's it trivial to clone the data on a magnetic stripe, and use that to make a copy of the card. Almost all (better than 95%, I've been told) card present fraud in the US is done with a fake cloned card. the chip in chip&anything makes it much harder to clone the card. (and, if you can clone the card, you can change the pin used for offline verification...) In the US, the only people who benefit from pin are the banks, and it's not clear they do, on net. pin cards are more expensive to issue, more expensive to maintain, and have higher support costs, and the amount of fraud they prevent is small.
When EMV was introduced, C&P and its offline verification, provided big benefit in parts of Europe, particularly Eastern Europe, where telecom networks were poor, unreliable, and expensive; plus a secondary benefit for the banks, in that they could push fraud costs onto the card holder in many countries. Neither of those are true in the US.
Chip and pin is no more effective at preventing card-not-present fraud than chip and signature.