I would think it can come with alot of the same risks as BB though.  I usually have to have seen someone a few times before I take this step.  It is very erotic and can get you super horny.  Just keep in mind chemicals that are designed to overrule logical thoughts are in full swing during Sex.  So sex can you make you do dumb things.  Just saying.

A good spice, best saved for a committed relationship.  May reviews have it checked BUT my experience is it is not happening.  
Might as well be BBFS.

Your vagina is wet and your fluids are coming into direct contact with the head of his penis, as well as his "pre-cum" is coming into direct contact with your vulva and urethra. It really might as well be bareback sex. I won't pretend I've never done it, or that it doesn't feel amazing, but, plenty of things can be transmitted via skin to skin contact and don't require a person specifically ejaculating inside of you.

Yes it is bareback, you are still exposed to fluids, precum and vaginal. If you like grinding do it with panties on.

You could try this however:

Be sure that the guy only rubs the middle to lower part of his shaft against the clitoris/labial areas, and that the tip of his penis is well above those areas.  It would have to be a guy with a decent sized cock, and it would probably be a good idea for the gal to keep her hand on his penis to be sure it doesn't slip.

I like to have the lady on her stomach and pour a little oil on her ass and grind away, manually stimulating her clit. It feels like bbfs doggie. It's awesome. The ladies seem to enjoy it, plenty of "O's", but it is p4p, so it's hard to tell.

But not BB P4P!