That's why Europe moved to Chip-and-PIN years ago. Sadly the magstripe has to remain for backwards compatibility with countries that haven't adopted it yet (the USA).
I still don't get why ATMs in the EU don't let you just dip the chip in instead of sucking in the whole card.
Someone could surreptitiously watch the PIN being introduced and then grab the card and run. You want the ATM to keep it locked while the user is distracted typing numbers and such.
That's obviously possible but it seems a lot more risky and less efficient for the criminal - at that point they almost might as well just mug or pickpocket people.
And it also seems like there are several physical (or software) locking designs you could use to work around the problem.
Risky and less efficient, but also doable by someone without any tech knowledge, and probably more lucrative than pickpocketing, since few people carry as much cash as one can withdraw.
I still don't get why ATMs in the EU don't let you just dip the chip in instead of sucking in the whole card.