Fake project is really frustrating if you're one of the victim especially for investors and bounty hunters.
I had read an interesting way to make sure the project is real. You can identify the project is fake by it's address of the company who is running IEO/ICO. Fake project would be indentify with this way because they put fake location. You can check it with google maps to verify if it's real.
So how do you indentify if the project is fake?
First thing of me to do is to check of the bounty administrator. I based for their past recommendation that there's a lot of ICO's here are successfully launched to the exchange that both investors and bounty hunters are happy for the result. They got well paid and investors had a good profit. Tracing their works might be useful for you to come up investments or taking bounty.