Chip and Pin works for banks, not for you

When Chip & PIN was introduced for point-of-sale, the effective liability for fraud was shifted to customers. While the banking code says that customers are not liable unless they were negligent, it is up to the bank to define negligence. In practice, the mere fact that Chip & PIN was used is considered enough. So if you have chip and pin, you are liable if you don't the bank is.

Now that Chip & PIN is used for online banking, we may see a similar reduction of consumer protection.