SECURITY IS ALWAYS OVERRATED: U.K. Man Sues Bank Over ‘Phantom’ Withdrawals from Chip-and-PIN Account. “The case highlights the fragility of the chip-and-PIN security scheme that was launched in the UK in 2004 and became mandatory nationwide in early 2006. The system was supposed to have resolved questions about who was liable when funds were withdrawn from accounts, since only someone who possessed both the card and the PIN could theoretically make a withdrawal.”