The truth is banks often lie to us to protect their interests. People like Omar Choudary and projects like the SmartCard Detective show us just how much is being hidden from us. If you ever find yourself victim of credit card fraud this might help you to recover your loss. It’s outrageous that even though they know about the loop hole they’re not doing anything to fix it and on top of that if you’re a victim they don’t give you your money back because “EMV is infallible”.
you can read about the EMV interceptor in Omar Choudary’s thesis: The Smart Card Detective – a hand-held EMV interceptor and you can check for more info and source files on his project page.