Actually, the ICO risk is only focused on the existence of a "crime" that is behind the project so that it is not the profit that is gained but the advantage that will come. So, if you are interested in joining ICO investments, the easiest thing to do in ensuring a potential ICO is:

Study carefully the Whitepaper documents that are made.
Ensuring that the Developer is trusted or at least has identity certainty.
Ensuring the existence of Escrow facilities, where there is a full guarantee from a "Trusted" third party as a place to store Investo funds