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?
It's not that easy to detect fake projects. Actually, many victims of fraud occur not because of the clarity of their address, but they run away after the project goes well. Please check about the Bcnex project. Was it detected initially as a fake project? Of course not. However, they committed scams after the project went well. This is just one example, maybe many other examples that can be shared by friends.