I'm having a surprising amount of trouble finding this information online: does the "chip" include some functionality (maybe called iCVV or dCVV) that allows it to individually "sign" transactions using internal secret keys, or does it not? This was my understanding of why the new system was supposed to be safer.
If the answer is yes, secret keys that never leave the chip are used to sign each transaction and the signature is verified by the bank, I'm not sure how these "shimmers" would be useful, since the secret key would presumably not be compromised and so the shimmer may obtain some data identifying the card and transaction but not the ability to sign new transactions. If the answer is no, none of this is happening, then I'm not sure what the point of the switch was in the first place.
Maybe the answer is something in between? Banks suck, so they've implemented chip cards in a half-assed way with gaping security holes?
If the answer is yes, secret keys that never leave the chip are used to sign each transaction and the signature is verified by the bank, I'm not sure how these "shimmers" would be useful, since the secret key would presumably not be compromised and so the shimmer may obtain some data identifying the card and transaction but not the ability to sign new transactions. If the answer is no, none of this is happening, then I'm not sure what the point of the switch was in the first place.
Maybe the answer is something in between? Banks suck, so they've implemented chip cards in a half-assed way with gaping security holes?