I think most people have a misunderstanding of the problem. The chip is
secure and has no security flaws.
From what I've been told the problem arose because of the transition
period to the new chip system. Although the cards have a chip now they
also still have the magnetic strip. The gang was actually copying the
magnetic strip and recording the pin as it was typed.
The issue raised is not with chip security. It is with the chip being
useless whilst the cards still contain the magnetic strip. It will be
going soon so this is just a temporary problem.
The UK is years ahead of the US with the rollout of this technology.
Its a massive task to get everyone switched over.