The credit card technology, used in much of Europe, is supposed to stop fraud by using cryptographic signatures and secret PINs. Which is all well and good, but perhaps the bigger story is how the banking industry in the UK has been able to use the chip and pin rollout to change how credit card fraud is reported, investigated, and compensated, shifting financial responsibility to the consumer or vendor and away from the bank. This is a major policy change that most people are only just now catching on to.