Simon Crisp said the ongoing effort to stop card fraud is about staying "one step ahead" of those who plan to commit the crime.
And while he described efforts to combat fraud as a "never-ending journey", he admitted that chip and pin has forced fraudsters away from the high street.
However, he said that phishing and online scams still pose a fraud risk - especially with cards that do not have chip and pin security.
Mr Crisp also called for a more global approach to be taken with card fraud and urged card providers MasterCard and Visa to work with countries such as the United States - which does not use chip and pin technology - to develop fraud prevention solutions.
The latest round of figures released by payments association Apacs indicate that transactions carried out without the protection of chip and pin are the main driver for card fraud growth.