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So with chargeback protection on the first transaction, most cases of friendly fraud are eliminated, like netbilling said.
Although subsequent transactions aren't guranteed against chargebacks, chargebacks will be significantly lower for those charges, as the "I didn't do it" scheme will be hard to pull off.
Keep in mind that there are still plenty of valid chargeback reasons even for the first transaction. VbV only protects against "I didn't do it" chargebacks. Forexample, "Merchandise not as described" will still be a valid chargeback reason. So you better make sure your site has what your tour/ads claim.
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