Originally Posted by
tmiw
The more recent implementations work like what we usually think of as 2FA, where a one-time code gets texted or emailed. That along with a lot more merchant support (possibly mandated by card networks and/or the law) would probably result in a lot smaller of a drop, if one were to occur at all.
3DSecure introduces Liability Shift - where the merchant is immunised from liability for "unauthorised transaction" chargebacks, shifting the liability onto the issuing bank. I would think that'd be a pretty good incentive.