Not precisely correct.
Chip & pin is coming, it's not mandatory on merchants (yet) but if fraud is indicated and the merchant failed to have a chip terminal, and the customer has a chipped card the merchant will lose the chargeback automatically.
Liability shift, will now be on one of two entities.
The merchant, for not having the terminal, or the consumer, for not protecting their pin.
the liability also shifts almost 100% OFF the card issuing bank....
(the real reason)