I'm with Smile too
Looking at their page on VbV, it seems that they have decided to automatically sign every customer up, but rather than have us all remember a new password, they have cleverly decided to use the "memorable name" from the existing security.
Now this is great, I don't have to remember anything new, BUT given that most people will use their mother's maiden name as the memorable name, it is hardly worth bothering with, besides, using the same password for multiple things is bad practice.
From the Smile website:
"How to Cancel"
Q: I don’t want to use Verified by Visa (VbV) how do I deactivate my account(s)?
A: VbV protects your account(s) from unauthorised use. If a VbV password is registered by the Bank/smile, your card cannot be used at VbV subscribed merchants unless the password is entered for extra security. If a VbV password is not registered your card may still be used for online transactions. Therefore to protect our customers The Co-operative Bank/smile aim to register all of our card accounts for VbV.
Q: I cannot use Verified by Visa, what alternatives are there for me?
A: Simply contact customer services on the usual telephone number or e-mail address and we will be able to discuss alternatives with you."