By using a stolen credit card one can make transactions without knowing the PIN code. Yet the bank believes it has correctly been used and that is also confirmed on the receipt. Researchers has demonstrated how it works and also made some purchases using such card. 

In a news article Informasic's CTO comments on the attack that has been done by researchers at the Cambridge University.The article is published on Ny Teknik's web 2010-02-12, however it is published in Swedish only.