@losmarinos3:
I don't know from what alien world do you come from, proposing to sue an open source and free (as in beer) project for a missing feature, instead of just paying a developer 15 minutes of work to fix this.
That said, the fix to avoid CVV being sent via e-mail is this.
In ps_checkout.php, line 1907-1909 (on VM 1.1.7) are these:
if( !empty($_SESSION['ccdata']['credit_card_code'])) {
$payment_info_details .= 'CVV code: '.$_SESSION['ccdata']['credit_card_code'].'<br />';
}
Just comment or delete these lines.
Please note that in different versions of Virtuemart line numbers can change.