As everyone should be. Do your due diligence on the founders, the product and their community channels. If it's too good to be true - stay away. You want a sustainable project in a long term, not fast cash, but hella risky!
Yeah ICOs are very risky investments nowadays not only because of scams, but also because their security hasn't really been tested yet.
There's an upcoming token sale for Menlo One
https://www.menlo.one that aims to build a decentralized ICO marketplace to hopefully solve this problem. Its whitepaper explains how it can be done, but I'd like to hear your opinion if this project is worth our investment? I've watched a couple of interviews of its founder and he does seem sincere and knows what he is doing though..