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In the past, the main concern was random, expensive, old Reserved List cards, which are comparatively easy to counterfeit

There are three cards which grant Retrace to spells which don't have it built in - Deeproot Historian, Six, and Wrenn and Six Because of Kindred Sorceries existing from back in the day, Deeproot Historian actually can make some Kindred spells have Retrace in addition to Merfolk and Druid permanents

The biggest challenge with this are gold sets (since our real gold cards actually reflect the colors of the cards), and sets like Battle for Zendikar that have a strong frame "gag" going on

Sincerely, it might have been a powerful card back in the day, but not so much now