He usado Opera 9 por un par de años y hasta el día de ayer tenía desactivada la protección anti-fraude.
¿Y cómo funciona?
Si aparece un botón en la barra de direcciones con el signo ?, entonces el sitio no ha sido verificado, y se puede pensar que es una web fraudulenta de eBay, YouTube, Gmail o Live que generalmente es un clon de la página de inicio de sesión.

Además brinda un enlace para reportar la web como fraudulenta:

En el caso de que la web ya haya sido reportada a PhishTank aparecerá la siguiente advertencia:

Fraud Protection

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Fraud Protection warns you about suspicious Web pages by checking the page you visit against a database of known "phishing" Web sites.

Security Status

With Fraud Protection enabled, every Web page you request is subjected to a phishing filter, and the status of the page is displayed as an icon on the right side of the address field, as indicated in the table below. Clicking on the icon opens a dialogue box with additional information, including the possibility of reporting a site as suspicious, with an explanation.

Protocol	Address Field	Fraud Protection Dialogue
HTTP		VERIFIED
HTTP		NOT VERIFIED
HTTP	Fraud Site	WARNING
HTTPS		VERIFIED

A secure page (HTTPS) will display a lock on the right side of the address field, and clicking on this lock will cause the security information for the page to be displayed, including information about the Web site's certificate. In this case, too, the page will be checked by the Fraud Protection server.

If a Web site is found on the blacklist, you will be presented with a warning page, and you must decide whether to visit the fraudulent Web site, or to return to the home page. The Fraud Protection server does not cause any delay in the opening of Web pages.

Enabling/Disabling Fraud Protection

Fraud Protection can be enabled/disabled from Preferences > Advanced > Security by checking/unchecking the box marked "Enable Fraud Protection."