I think you are forgetting that EMV cards introduce the concept of digitally signing a transaction. That signature is then checked by the payment card processor and if it matches then the charge goes through. The signatures are performed by the chip on the card using a non-exportable certificate. This provides the "proof of presence" for the card and makes duplicating the EMV portion virtually impossible. This doesn't stop the other portions of the card from being stolen, but if merchants force EMV only transactions, stolen credentials cannot be used. It's a step in the right direction.