In reply to John Coloe.

EMV-based card data is dynamic--it changes every time a transaction is attempted and only the issuing bank knows if this time's one-time-use card data is valid. If the Target hackers would have harvested 70 million sets of EMV-based card data, then that card data could not have been reused again at any merchant or website that requires the security code.

If the card data passing through the Target has no reusable value, then desire to break into the merchant diminishes.

2FA: Two factor authentication--EMV cards provide this by requiring 'what you have' = a smart card, with 'what you know' = a PIN.

OTP: One time password has little additional benefit if you also have dynamic, one-time use card data.

Tokenization: Tokenization schemes will be using PANs; EMV cards are, themelves, performaing tokenization because they create one-time use card data locally each time they are presented.