When help:effective-settings is active, the password is internally truncated also. Looking at the deploy module, it tries to login with the password "***", and so the deploy fails:
[ERROR] Failed to execute goal org.apache.maven.plugins:maven-deploy-plugin:2.5:deploy (default-deploy) on project fwg: Failed to deploy artifacts: Could not transfer artifact nl.fwg:fwg:pom:3.09.031 from/to releases (http://xxx/nexus/content/repositories/releases): Access denied to: http://xxx/nexus/content/repositories/releases/nl/fwg/fwg/3.09.031/fwg-3.09.031.pom -> [Help 1]
Logged with tcpdump, the Authorization header is:
Authorization: Basic dGVzdDoqKio=
Which decodes to "test:***"
maven-help-plugin, version: 2.1.1
maven, version 3.0.4