The chips transactions seem to take longer, at the ATM’s for my bank (Chase) it takes a while before it gets to ask you for your pin, lot longer than using the magnetic strip. The reason for the chip is to prevent what can happen, where someone puts something on an atm machine or hacks into a credit card network, then uses the info to create a fake credit card (basically, it is the magnetic strip that has the information). The chip as far as I know is either very difficult or impossible to crack, so it would be difficult to make a fake card with them, from what I know.
The real void is online transactions, and merchants are to blame for that, they complain about fraud and what it costs them,but many of them are to blame. For example, when scammers steal card numbers, they won’t necessarily have the merchant code (the 3 or 4 digit number on the card), so if the online stores asked for that (and didn’t stupidly store it on their server), it would help bring down fraud…but a lot of sites don’t even ask for it. Plus credit card companies could also implement 2fa, where you get a code sent to your cell phone, and you need to put in that code when making online purchases or give it over the phone (the 2fa code is a pseudo random code, so even if someone was listening in, won’t matter). Without the code, they couldn’t do anything…but the bank card providers refuse to go that route, because “it is too expensive” (which is bs, we use 2fa with the users on our systems, it has become a corporate standard, and it is easy). No system is foolproof, but the reality is there is a lot of stupidity out there and the government can’t act because some boneheads think that 'that is too much of a burden" (then talk about how much fraud hurts). Friend of mine is in the computer security business, and you would be surprised how many banks have things like pins and card numbers in human readable formats on their system, have things like account passwords in human readable form, and also have communications into their server sites that can literally be tapped pretty easily…