I have a couple of clients running Keywordmax - Keywordmax has an excellent Click Fraud Auditing Module, and it comes with the base package (99.00 per month).
My own research showed a 3% - 10% click fraud rate for my two clients running AdWords campaigns - but that was based on counting all duplicate IP Addresses that clicked on a PPC ad during a monthly period. I decided to examine the logs for this client more closely.
Using IP Tracking and Trends report isolates all the duplicate IP Addresses - most of them for PPC. Here's an example of 2 clicks that happened within one minute from the same IP Address that looks like Click Fraud.
As I looked at the details of these duplicate IP addresses I had to make a decision if this search behavior was the result of click fraud. The referral urls are different (not shown due to space limitations), one is from AdWords and the other search came from Froogle - both had a time stamp within 1 minute of each other. The search queries are the same, "classroom furniture". The IP Address is turns out to be registered to The Board of Education of the City of New York - in Brooklyn. I don't think this is click fraud - but it sure looked like it at first. 
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