Microchip credit cards cloned?

The Star's headlines today: NOT foolproof: Mircochip for credit cards cloned

The article was a bit misleading. At first look, I thought the EMV chip technology has successfully been cloned. However, based on the article, it seems that the fraudsters did not manage to get the EMV chips to work. Hence the transactions must have been done using the magnetic stripes. So the solution is to ensure that gradually all transactions are done through the chips rather than the outdated magnetic stripes, which was the original intention of having chip-based credit card. Of course one would argue that we still need the magnetic stripes terminals, especially in accepting non-chip-based credict cards from other countries. Hopefully the EMV chip techonology will be used worldwide in the near future in order to combat credit card fraud effectively.

As what we have witnessed in history, no technology is foolproof forever, it is interesting to see how many years the fraudsters will take in order to catch up with the EMV chip technology.