It's easy and cheap to make a token on WAVES network. Fake? Pretty odd term, they are not fake per se, but they can have similar (or even identical) names with actually existing coins or ETH tokens or even other WAVES tokens, so indeed, you have a pretty good chance to get fooled by them (especially if you want to buy). However, you can check in-wallet on the DEX if your tokens worth anything (most of them are 100% worthless).

Another thing to add is that I've seen hack attempts too - tokens with links to website and if you go there you end up in a phishing site (a wallet look alike) or a site promising coins/tokens/whatever if you give your wallet's seed (of course, you know that you should never give your seed to anybody, right?).