From my understand (a bit rudimentary as it is from the perspective of an Africa based vendor as explained to me by the processor), Chase does not actually enable VbV but rather bypasses it (ie. no actual 2FA method is used to verify the transaction). As a result, the chargeback risk remains with the vendor/processor rather than with the cardholder/issuer as would be the case in a properly verified transaction. Therefore, the processors simply blacklist all Chase issued cards from processing - they are rejected without even sending them through the network for approval by Chase.