"Chip and Pin useless!" "Fatal flaw in chip and pin!" they say.
Fuck off it is. This "crack" is so ridiculously complex and reliant on several unlikely factors (criminals duplicating some wacky Cambridge scientists' work, cardholders not cancelling their card after losing it, shop assistant not noticing a bunch of wires coming coming out the fraudster's sleeve) it'll never pose much of a risk.
What are the meeja doing? Why are they scaring people into not using plastic? What's in it for them?