I'm using Disk Utility to create an encrypted disk image from a folder (FIle>New>Disk Image from Folder), selecting 128-bit encryption; I use a long passphrase with mixed upper- and lowercase and letters and numbers. For Image Format I've tried both "compressed" and "read/write."
The problem is that once the disk image is created, it mounts without asking for a password, as if it wasn't encrypted at all.
Any ideas what's going on?