I have a friend who has an extensive collection. One of his bikes is a Team Raliegh that was an actual team racing bike. It's not a Raleigh, it's a Windsor. To me that's not a counterfeit, any more than a Pegoretti labeled as a ________ is.
He also has a Confente that is a counterfeit. It has the proper tubing, lugs and fork, and was most likely built in house when Mario had gone to bed. It is virtually indistinguishable from the real deal, which leads to a whole different discussion. He's been thinking of decaling it 'Conconfente'
Members here have bought bikes decaled as ______ that clearly aren't, so yes, some people think that slapping a decal on a bike might trick someone into thinking they are buying something that they aren't.
There are crooks everywhere, and probably more so these days.