If you can install an overlay between the keys and the actual circuit board, you can easily capture the pin, and launch a replay attack.
Well... can't the card be locked immediately after a purchase (say 30-90 s).
That way the merchant would have to wait for you to come back AND remember who you were?
(he only gets 3 PIN attempts)
As for special override PINs I did not know about that? Is it real does that exist?
It seems to defeat the point of even making a smartcard...
If it does what stops anyone from hacking any VISA card in the world?