French forensics researchers have inspected a real-world case in which criminals played smart in which they did a seamless chip-switching trick with a slip of plastic that it was identical to a normal credit card. In 2011 and 2012, police arrested five French citizens for stealing about 600,000 Euros (~ $680,000) as a result of the card fraud scheme. The flaw is a known protocol vulnerability in Chip and Pin cards that, in 2006, allowed criminals to use a genuine card to make payments without knowing the card’s PIN.
Source: https://thehackernews.com/2015/10/hacking-chip-n-pin-cards.html