And yet your card still worked, so it had a magstrip. And when I go back home to visit family (I'm canadian living in the US), my american cards work fine up there too. So someone could still clone your card, and use the copy. The only thing making it a little trickier is the fact you don't have to hand over the card, but there are ways around that (like a hacked up terminal). There are also vulnerabilities in the chip cards.
What is really protecting you is that the bank will cover your ass if something happen to it. This is also why no one gives a damn south of the border: pretty much no one ever really gets hurt when their card gets cloned. Call the bank and it will be done and over with 2 days later.
But with the chip cards, banks tend to be reluctant to help when your card gets owned. They still generally take care of it, but you have to argue a bit more.
So really, in the end it doesn't change a whole lot. Its easier to exploit magstrips, for now. And then you have all the chip cards that have NFC, and that's a whole other can of worm.
The one thing I'll give you is how its fucking annoying to have someone run away with your card at the restaurant, though some restaurants do have it (ie: Legal Seafood)