3D Secure online payment system not secure, researchers say - security - PC World

Another example of how the perception of more security is sometimes misleading. The paragraph that struck me was:
As a reward for investing in the systems, merchants are less liable for fraudulent transactions and are stuck with fewer chargebacks. But banks such as the Royal Bank of Scotland are now holding consumers to a higher level of liability if fraudulent transactions occur using either system, said Steven J. Murdoch, a security researcher at the University of Cambridge.

3D Secure online payment system not secure, researchers say - security - PC World