It would be a hard sell to finger Steam as being at high risk of fraud. Steam has a very generous refund policy, and if you don't consider it generous enough, and chargeback a purchase on your Steam account, they just lock it (and access to all your games) until you pay them.

I don't have insider information about how often Steam gets hit with fraud alleged chargebacks, but I can't imagine it's a significant percentage.

> Don’t get me wrong: it’s progress. But it’s far from a panacea.

Progress in this day and age is great. Progress right now is at least 2 orders of magnitude better than patiently waiting for a panacea.