Comment Chip and Sig was designed to target one thing (Score 1) 186
Chip and signature in the USA was designed to combat card skimming and cloning of mag stripes - it can't stop other kinds of fraud. Yes, it can help prevent fraud of stored data as chip data is different then mag stripe data - but the root of the fraud is cloned mag stripe data - often from skimmers.
If no terminals accept mag stripe, then cloned cards won't work. Someone can still copy the data off the front and back of card visually, and they can still clone the mag stripe. But then the fraud is reduced to Card not present (that won't change with internet and phone orders) and mag strip fraud will go away if all terminals require chip.
Chip and PIN is used to combat card theft, but that is only a tiny part of fraud. The credit card companies are going after what makes the most sense. And in the USA most people have multiple cards, so they have to figure out how to give all those cards PINs - not an easy problem to solve.