Right, after which some combination of the bank and the vendor eat the cost of the fraud. This in turn drives up prices and fees.
Regarding time investment, you are just rolling the dice. Most of the time the transaction will just reverse. Some times you will have to fight it.
Also, the big thing that chips bring is related to duplication. The cards can’t be duplicated and transactions can’t be duplicated. The PIN is just a second factor. This is distinct from US Debit PINs, which are the only “secure” part of that system.
Regarding time investment, you are just rolling the dice. Most of the time the transaction will just reverse. Some times you will have to fight it.
Also, the big thing that chips bring is related to duplication. The cards can’t be duplicated and transactions can’t be duplicated. The PIN is just a second factor. This is distinct from US Debit PINs, which are the only “secure” part of that system.