I think you need to go through the installed extensions' system.xml files to check if any of them extend payment/ccsave/title and override the default back-end model by adding:
<backend_model>adminhtml/system_config_backend_encrypted</backend_model>
Additionally you can check if this class Mage_Adminhtml_Model_Config_Data is unmodified. The below code sets the default
/**
* Get field backend model
*/
$backendClass = $fieldConfig->backend_model;
if (!$backendClass) {
$backendClass = 'core/config_data';
}
The same class also dispatches this event model_config_data_save_before which could be used by someone to tinker with the config data.