Fake torrents are spread into the system by organizations for two reasons. The first and in my opinion dominant one is to unsettle the torrent users by lowering the rate of successful downloads. Nothing is more discouraging than downloading the latest blockbuster for days only to see that you downloaded only garbarge in that time. In addition to this the trackers that spread the fake torrents are recording every bit of information they can get their hands on.
The IP address can be used to identify users and sue them in the process for instance, still the main reason is to destablizie the system and make users leave it. One way to find fake torrents is to use the newly introduced Fake Finder which is a script that displays and lets you search for the latest fake torrents that are known to them. There is no 100% guarantee that the site lists all fake torrents and trackers but it lists many and you should consult it before you begin to download a file.
The list of torrent trackers that spread the fake torrents is large and you should use a program like peerguardian to block them all. This prevents the connection at all and should protect your privacy.
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Awesome.