Where there's a will...
It seems there's there's more effort being put in by the crims to subvert the system, then there is by the banks / credit companies et al to secure electronic transactions. The current cross-checks would now appear worthless.
All customers are going to need to be issued with a card reader in order to be able to produce a unique transaction verification code for each transaction.
Now, I'm sure that someone will point out the security holes in that, but there needs to be a positive response to this problem, fast, or e-commerce is going to die on it's arse.