There is an interesting article on MyBroadBand about internet shopping and how some new protocols will allow the full liability to be shifted from the merchant to the bank.

Merchants authenticating transactions using 3D Secure and SecureCode will be free of liability if the transaction is fraudulent, with liability passing to the issuing bank.
Full story on MyBroadBand
I actually came across the Visa and MasterCard secure setups when booking a flight on BA the other day. So if internet transactions can be liability free (for the merchant) I assume that this will filter down to the normal EFT POS terminals and allow similar liability free use?

Either that or the EFT POS terminals will be replace with internet terminals - makes sense from a merchant perspective.