Its a done deal.  I am still fuzzy on the exact date, but now merchants who try to verify cardholder using 3D-Secure (i.e. Visa's Verified-by-Visa, MasterCard's SecureCode) will not be liable when the transaction is disputed, even if the credit card has not yet been enrolled.  Is that great or what?  Most e-tailers literally paid through their nose every month because online credit card transactions were not considered "card present".  This means we'll see less red-ink on e-tailers' books.  How this will affect online porn and casino sites boggles my mind.