A very sophisticated card scam. For more details read the PDF attached, it looks into the "nuts and bolts" of the chip mod.
When There Is A Will (as in a commitment to do right)
Once upon a time, govts, newspapers, etc., offered substantial cash awards for various technical feats, i. e., the first one to do this or that, or to invent this or that. As an example, way back in 1714 the British government passed the Longitude Act to solve the longitude problem in overwater navigation with a substantial cash payout [there was a huge stake in commerce to solve that problem]. [for the purposes of this reply, I will leaveout "prizes" like the Nobel Prize].
I couldn't find any current/modern equivalent of what was once relatively common.
I would think that it would be in everyone's best interest for some govt (or maybe a company like Google) to offer a substantial tax free prize for a hacker proof credit card (and probably that card swiping terminal to go along with it).
However I suspect that someone(s), other than the hacker thieves themselves, is making money off the hacked cards problem and is not the least bit interested in reducing the hack rate to zero (and I'm not referring to the petty ante bit players in that industry, but 'titans' of world commerce to include govts).
Never trust technology...