The Limitations of EMV security will take longer than the published schedules for EMV cards. The biggest and biggest limitation is the fraudulent use of lost or stolen cards. EMV moves fraud from where EMV is used to where it is not, says author. The EMV standard provides a third mechanism, a personal identification number or PIN, modeled after the PIN used with ATM or debit cards. In a world in which most transactions take place online, the most effective way to resist that is to cancel the card.”]
Source: https://www.cuinfosecurity.com/blogs/limitations-emv-p-1674