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Gary - Excellent well balanced article. I think it is a shocking indictment of the EU leaders meeting at the weekend that it resulted in precisely nothing and then within hours of it a spate of one off interventions.

You may all disagree with me but I think the freefall started when the US Govt let Lehman Brothers fail. Now I know a lot of people will say they got their just deserts - but - it was the fear which that failure injected into the market which has made confidence totally evaporate.

It will be a long road back - and a global (not just a US or EU wide) approach will be needed

It's so obvious that tokenisation is the answer. If we stop using static card numbers the problem is solved. Simple and perfectly feasible but unfortunately legacy within the banks and the card schemes (not to mention cost) means it wont happen. What extent of fraud will the industry sustain before we bite the bullet ?

In the TJX case the breach involved the theft of credit card files from servers within the TJX network which were compromised due an insecure wireless implementation. Even if these transactions had been conducted under EMV standard they would have contained card number and expiry date and there are still plenty of CNP sites (regrettably) where that is enough. Cant see how EMV would have helped here