For credit unions and their card processors, this is a dollars-and-cents issue because fraud costs. But Pascual seemed to foresee a time of safer mobile and online transaction as new technologies take hold.

He pointed to the growing marketplace acceptance of biometrics – such as voice and eye prints – as a for instance.

He also indicated that the mobile phone – which itself has a unique fingerprint and it is straightforward to combine it with biometrics (using the phone to do a voice print, for example) –is a potential game changer.

The report stressed: “Passwords and similar static authentication measures have a foot in the grave.”

In an interview, Pascual reiterated that point, saying it is “without a doubt” that the end is in view for passwords.

The report added: “More advanced authentication is needed for online card purchases, as online retail fraud surges.”

Gloomy as that sounds, Pascual stressed, “The future is bright.” The threats seem huge but, he said, the momentum suggests that card issuers and processors will “get a handle on this.”