If you, as a merchant, are accepting Chip & PIN transactions, then you're paying significantly lower fees to reflect the significantly lower risk . If you're accepting mag-strip & signature, then you're paying more for the transaction because there's a much higher risk that it's a fraud. If you're doing a card-not-present transaction (i.e. online) then you're paying even more because the risk is even higher.
This technique, which is a result of insecure hardware on the devices, is very hard and requires a lot of infrastructure, for lack of a better word. In 2010, the US had 27% of all card transactions worldwide, but 47% of all fraudulent transactions. The facts and figures say that Chip & PIN is more secure. The problem is that the US is so used to hucksters and fraudsters that they need the safety blanket, whereas in the EU the instance of fraud is so much lower that it's not seen as a problem.
All transactions are also vetted by more than the EMV, previous transaction history and known locations are taken into account, as well as overall usage. The PIN itself is separate from EMV (they go in two separate data elements in a transaction), and EMV has more than just this number, it also has other checks like an Application Transaction Counter.
And lastly, whatever the specifics of where liability lies, the banks treat disputes fairly because it's easy for them to do, and the person getting done is generally the merchant. Bear in mind, to get money off a card you need the following:
1. A machine, registered to a bank which is regulated by that country's local regulator (so no "magic" banks).
2. A merchant account, verified by said bank,
3. for which you need to be a registered business.
It should also be noted that the number they're talking about is not random and was never intended to be random, which is why they use the term "unpredictable" rather than the technical term "random".