chip and pin is secure as long as you keep your pin number secret.
Cards may still be cloned though. So, if you hand over your card in a restaurant and by doing so letting it out of your sight, criminal element are able to clone it in a blink of an eye. If they then get hold of your pin-either by observing you punching it in or otherwise-your chip and pin security has evaporated.
hole in the wall machines are supplied with cameras and card-reader equipment to operate in the same way.
A card on its own is useless to them, but if they have your pin-you are a sitting duck.