Wait, the US is still on magstripe? Isn't that literally just a bar code? No challenge-response, or encryption? Fraud detection seems like the wrong thing to be focusing on if that's the case...
In my area, almost everything has been chip for the last couple years, except gas stations. My local gas station just installed chip readers a few months ago.
Yeah, it's even worse than that. I was recently in the bay area and I went to pay for a burger with my Canadian chip&pin card and when I the card in the transaction was automatically approved with no need to enter the pin.
Isn't this really in service of the customer to not waste their time? The store is the one shouldering the risk because if it turns out to be a thief using the card the store loses money/goods. The more they try to verify you are who you say you are the less risk they are incurring. That's a benefit of credit, it's less risky for the consumer in the end.