Not even as if it works......
So far I've managed to avoid VbV, but I did have an interesting demonstration of Mastercard Securecode's utter uselessness..... My boss wanted to order some stuff online, but being a total computard, gave me his CC, and went off to a meeting. So off I go and do his shopping for him, all fine, until securecode pops up. So after a bit of swearing, and leaving the boss a voicemail, I sit there and wait for him to get back to me. 10mins later, a popup tells me the session has expired, so I click ok, expecting to have to go through the whole checkout procedure again later.... But nope, the transaction went through.
In what way does having an auth step that it doesn't matter if it fails help anyone?