POS counterfeit fraud is one type of fraud.. but it's hardly all fraud, and it doesn't apply to online transactions (there's no POS involved in an online transaction).

If chip and pin gets anywhere in the US, it'll be because of association requirements, not because they've pushed responsibility for one minute type of fraud on to merchants.

> Currently, POS counterfeit fraud is largely absorbed by card issuers.

It's a lie. Why do you think so many stores ask to see ID?

From what I've seen, the accepting merchant account is always debited for every chargeback and the card issuers rarely bear any burden from fraud.