Retailers set straight on Chip and PIN: "Where a retailer has a Chip and PIN terminal but a customer asks to sign instead, either because they have an old card or have forgotten their pin, the retailer will not be held liable for card fraud."
So, if I have a stolen card that I can forge the signature for (or have my own signature on with forged details in the card), I can just pretend I've forgotten the PIN and the retailer will be fine with that (as they stand to lose nothing)? I don't get it.
Also, still not sure how this changes things in on-line payments. A point brought up about ID Cards in thisspyblog post.