The U.S. was not an early adopter of chip-and-PIN credit cards, lagging behind major European countries. EMV became mandatory in October of 2015, at which point liability for fraudulent transactions using non-EMV cards shifted from banks to retailers. As a result, the rate of credit card fraud is down sharply, as a result of the shift in liability. The effect on fraud is striking, and the level of fraud among compliant retail merchants is down by 54 percent, according to the MasterCard study.”]
Source: https://securityintelligence.com/chip-and-pin-credit-cards-one-year-on/