[gavinsyancey]

Fraud detection heuristics, at least, fundamentally have to rely on security through obscurity. If fraudsters know exactly what is detected as fraud, they can avoid detection.

Bitcoin gets around this by having absolutely no fraud prevention, and just saying "lol sucks for you should've been more careful"...

[DANmode]

There is fraud prevention (yes, you being careful, and more importantly, only doing transactions with parties you trust to reverse in the event of a mistake), you've just been accustomed to outsourcing this to a third party for some expected added value.

[nerevarthelame]

Using that ridiculous definition, there is no conceivable method of transaction that DOESN'T have fraud protections in place, which makes it a meaningless distinction. When people say that a system has fraud prevention methods, they obviously mean something on top of some vague notion that people shouldn't send money to people they don't trust.