FRAUD

2 of my 9 cards purchased have been fraudulent (i.e. purchased with a fraudulent credit card and then resold on Raise to suckers like me). I was lucky to have discovered the first card within their 100-day policy but not so lucky on the second.

Raise only verifies cards once when put up for sale and once when sold. Pretty weak authentication process, considering fraudsters move quickly. After 100 days, the liability shifts to you - no recourse. Raise does nothing.

How long does it take to burn through a $100 fast casual restaurant gift card? Probably more than 100 days if its just for you. Me - down $90. Merchant - down $10. Raise and the fraudsters - up $100.

Raise valuation in the long run = business model driven by fraud = $0.

delishhabits about GCX - Discounted Gift Cards, v2.0.9