It is. It's easy to see there are ways that cards and terminals can be set up badly. It also looks like there are ways that both ends can be set up correctly to get around most of the problems.

And cloning is still almost impossible. The largest risk appears to be copying card details which allows the fraudster to use cards online or in countries that don't yet have Chip and PIN. Personally I would like to see separate account numbers and details on the Chip compared to the main card number - i.e. you could copy some of the chip details but this wouldn't actually let you get anywhere because the number would immediately be flagged if it was found anywhere else. You'd then have another card number (maybe the one actually printed on the card) that you could use online.

Or perhaps we could just scrap the whole card thing for non-physical use...

(And I'm saying this as a guy who makes some of his money at this game)