As part of EMV, the liability is typically shifted to the merchant for non-EMV authenticated transactions. This provides strong motivation for merchants to do a better job of filtering out fishy transactions.

The only solutions I've seen to using EMV itself for online/phone transactions involve having a more advanced card (i.e. with LCD token readout) or a standalone card reader to interact with the chip.

E.g.: ftp://ftp10.us.freebsd.org/users/azhang/disc/springer/0558/papers/2455/24550388.pdf