I think it's worth experimenting to see how easy it is to snoop other people's PINs - maybe get someone you know to stand behind you in the queue and vice versa, or just snoop strangers' PINs. If you can do it, then you know you have to be worried. If others can do it to you despite your best precautions, then you need to assume that your PIN isn't safe, and guard your card carefully, and report it missing immediately if you ever lose track of it.
However, the good thing about chip 'n' PIN is that if someone wants to use your card in person, then they have to actually have it in their possession. Previously, it was a simple matter to clone the magnetic strip on a card, and then all that was necessary was to be able to do a "good enough" signature. This can be assumed not to be too tricky given an inattentive cashier.
But chips pretty much can't be cloned, so you only have to worry if the card itself is taken. In the old days, of course, if the card was taken then you were also screwed, because the thief had until you reported it missing to learn to imitate your signature, and that probably doesn't take very long, and the signature to copy is right there on the card. Now they have to get your PIN as well, which might not be impossible but which probably isn't much easier than copying the signature.
The disadvantage of PIN is that now they have more opportunities to get your PIN, and if they have that they can get cash at an ATM without having to risk facing a real-life cashier. So the value of a stolen card plus PIN is greater than the value of an old stolen card, which means people might put more effort into stealing them. But once you report your card stolen, it's your bank's insurers problem who can get at your money, not yours. So keep an eye on your wallet and make sure you know what number to call if you're ever mugged for your cards by the two guys who were suspiciously standing too close to you in the supermarket queue.
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However, the good thing about chip 'n' PIN is that if someone wants to use your card in person, then they have to actually have it in their possession. Previously, it was a simple matter to clone the magnetic strip on a card, and then all that was necessary was to be able to do a "good enough" signature. This can be assumed not to be too tricky given an inattentive cashier.
But chips pretty much can't be cloned, so you only have to worry if the card itself is taken. In the old days, of course, if the card was taken then you were also screwed, because the thief had until you reported it missing to learn to imitate your signature, and that probably doesn't take very long, and the signature to copy is right there on the card. Now they have to get your PIN as well, which might not be impossible but which probably isn't much easier than copying the signature.
The disadvantage of PIN is that now they have more opportunities to get your PIN, and if they have that they can get cash at an ATM without having to risk facing a real-life cashier. So the value of a stolen card plus PIN is greater than the value of an old stolen card, which means people might put more effort into stealing them. But once you report your card stolen, it's your bank's insurers problem who can get at your money, not yours. So keep an eye on your wallet and make sure you know what number to call if you're ever mugged for your cards by the two guys who were suspiciously standing too close to you in the supermarket queue.