Chip and PIN cards

[stevie21]

My debit card has a chip in it. If I cloned this card and went to a cash machine would it dispense money given that I know the PIN? Would the ATM detect that (possibly due to the "valid from" date, or even just the physical existence of the chip) that it is a chip and pin card and read the PIN from the chip rather than the mag strip? i.e. does chip and pin stop card cloning as well as fraud involving swiping your card/"card present" payments ??