In reply to Mani Tulasi.

"BTW in a fully CHIP and PIN environment tokenization and end to end encryption does not really deliver any value as the data is already cryptographically protected and offers no value to anyone who intercepts it."

It is my understanding the cryptogram used in EMV isn't encrypted...one could still pull the PAN from the cryptogram and use it in a CNP transaction if the transaction data aren't encrypted. What it stops is using the card data to create a counterfeit card, it doesn't protect the PAN itself during data transmission as P2PE or Tokenization would.

"Online fraud in UK and Europe is going up not because of lack of innovative idea but poor adoption and implementation of solutions like Verified by Visa and MasterCard passcode (SecureCode is, I assume, what you meant) by merchant community."

3DS solutions are full of friction and cause major abandonment so there's a reason merchants aren't adopting...it's a poor solution.