I would like to go by what Mr Pradeep Patel has written NOW TO AVOID THE CVV I feel that one can blank by using black ink in the present card .this will help in such fraud
Ask the credit card issuing bank to SMS any transaction done by credit card. This way one can come to know if any transaaction has happened without credit card holder's knowledge.
CVV number should not be mentioned on the card. Like ATM Pin number the card holder van memorise it and only he can use it during On line transaction. The bankers must make all On line transaction more secured.