Is identy theft really a serious issue?

I have been in the business of securing online users and properties
for the past two years.

I have thus had an opportunity to debate and discuss various issues
related to online security.

One such discussion i had with a friend last week on the topic of
credit card security with respect to using them for online
transactions.

My friend (who is CEO of a successful startup) said that after the
introduction of a PIN number in addition to the credit card number and
cvv number, the losses arising from credit card fraud had reduced from
Rs. 250 crores to Rs. 2 crores.

I sought to disagree with my friend. What do you think?