I have to say, I've heard those stories, but don't think I've seen any fake profiles. The guys I have met have all looked like their photos. I HAVE encountered a couple of liars (which is a reason to meet them sooner rather than later for coffee - these guys just want to string you along online for some creepy reason). If they live out of town but claim they are coming to your area soon - definite red flag.
(One guy claimed to be an attorney and writer. I asked him to send me some of his short stories - he did. Very well written. Except when I googled them, they were written by two completely different authors - and neither one was him! lol)
Yes, there are some weirdos online (maybe more on the free sites like the one I use) but the majority are just people like us. No different than going to a party or a bar, really.