Yes, Shopify does allow you to identify orders that could be fraudulent.
If you go the Orders section of Shopify admin, you can click on any order number that you want to review. Suspicious orders will have an exclamation point beside their number.
Once you click on the order you want to review, you will be able to see a section called fraud analysis with indicators. Red indicators mean that the order shares similarities with fraudulent orders. Green means the order is probably legitimate. Grey indicators will give you additional information about the order. Shopify Payments users will also see a fraud recommendation of low, medium, or high.
For more information on Shopify fraud analysis, please read this article.