The way recaptcha happens to work now, and its purported goal - to differentiate humans from bots - are two different things. Privacy is not fundamentally opposed to anti-fraud in the slightest.
I said that privacy is fundamentally opposed to anti-fraud systems, not the general concept of anti-fraud. To an automated anti-fraud system, there is no difference between a user who obfuscates their identity because they want privacy and a bot who obfuscates its identity because it doesn't want to be revealed as a bot.
