Johnson agreed that the "PIN has been an effective historical mechanism" but added that changes in the payment industry and patterns of fraud make it incumbent on the industry to back investments in newer technologies that dynamically identify fraudsters, both online and in stores. In addition to chip technology, he said banks and some merchants are backing tokenization for use with transactions as well as end-to-end encryption.
Asked to respond to retailers who are in favor of the use of PINs, Johnson said: "Their push for PIN is really an effort politically to change the conversation. If we didn't have [security] breaches at retailers to begin with, we wouldn't have compromised systems. If there was an appropriate effort on data security on the retailer side, we wouldn't have this conversation."